Finance Minister Moosa Zameer has said the government will submit a cost-cutting plan to President Dr Mohamed Muizzu within the next week, aimed at identifying areas to reduce expenditure and ease pressure on the state budget.
Speaking at a press conference at the President’s Office, Minister Zameer said a technical team at the Finance Ministry is currently working on the proposal.
“Some mechanism should be introduced to finance it. The total financing available will also change with the current market volatility. I will present it to the President within the next week or so,” he said.
Minister Zameer noted that analysts expect it could take at least four months for economic conditions to stabilize, even if the ongoing conflict in the Middle East subsides.
The Finance Ministry has previously estimated that the government could lose around USD 85 million in monthly revenue due to the impact of US and Israeli attacks on Iran.
Minister Zameer said not all aspects of the plan may be made public, though key measures will be disclosed.
Minister Zameer added that while some expenditure cannot be reduced, the government has already begun postponing certain projects as part of efforts to manage spending.
