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New administration reveals state financial situation

Ahmed Aiham
11 December 2018, MVT 21:17
Minister Finance and Treasury Ibrahim Ameer, during a press conference held by the ministry. PHOTO: AHMED NISHAATH/MIHAARU
Ahmed Aiham
11 December 2018, MVT 21:17

President Ibrahim Mohamed Solih's administration started on Monday to release reports on the current financial situation of the state.

The statistics released by the Ministry of Finance and Treasury, revealed that MVR 19.8 billion have been obtained as revenue for the state and that the sum is MVR 2 billion lower than the expected amount for the state budget.

The report indicated that the government's expenditure stands at MVR 23.1 billion and that the budget deficit had gone up to MVR 3 billion.

Although the report forecasted a revenue of MVR 16.3 billion through taxes, the administration only acquired MVR 14.4 billion from taxes. Additionally, the state received MVR 307.7 million out of the approximated MVR 733.7 million in potential free aid in 2018.

The statistics highlighted MVR 1.5 billion to have been used to pay back the loans from previous administrations, while MVR 1.2 billion was deposited to the Sovereign Development Fund.

President Solih announced that the administration would release weekly reports on the financial situation of the country.

Ministry of Finance added that the weekly report with be publicized on their website, every Sunday.

Last week's report was publicized on Monday due to November 9 being a public holiday.

During former President Mohamed Nasheed's reign, the administration had released weekly financial reports through the Finance Ministry. However, former President Abdulla Yameen Abdul Gayoom's administration did not partake in such activity.

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