Finance Minister Moosa Zameer stated today that if the ongoing Middle East war extends for one month, the Maldives will face a loss of between USD 85 million and USD 90 million.
Speaking at a press conference held by the special cabinet committee established by President Dr. Mohamed Muizzu to take measures and address difficulties Maldivians may face due to the Middle East war, Zameer said that even if the government's revenue decreases, certain expenditures cannot be reduced. He noted that medical spending is among these.
"To carry those out, we might have to bring changes to the schedule of a project and monitor cash flow. One of the President's instructions today is that housing and health matters must be given a very high priority," the Finance Minister said.
According to Zameer, if the war prolongs for six months, additional measures will have to be taken.
He stated that due to the increase in spending on fuel, it might be necessary to seek additional financing from multilateral parties, and work on that is already underway.
The Minister said that plans are being made to further expand the fishing industry in this situation; specifically, efforts are being made through a subsidy to provide fuel at a low cost to those involved in skipjack and yellowfin tuna fishing.
Over the past three weeks, the number of tourists arriving in the Maldives has dropped by 21 percent.
Tourism Minister Thoriq Ibrahim said today that the tourism sector is arranging for those who have cancellations to be able to re-book without being charged a cancellation fee.
Therefore, he said that those currently cancelling would likely arrive later this year or once the war ends.
"Work is also being done to bring in more tourists by participating in fairs and through attending events abroad personally during the coming month," the Tourism Minister said.
