Saeed has said that reformation procedures have begun and ensured the state is exerting efforts to implement important measures for cost reduction.
Economic Minister Mohamed Saeed said that reformation procedures has been begun in order to reduce costs and assures his certainty of success.
In an interview for Mihaaru News, he felicitated the IMF’s approval of the measures taken to ensure this year’s budget reduction.
Saeed said that the state is presently working on important measures to ensure cost reduction.
Maldives Monetary Authority (MMA) has ceased money printing in January last year. Additionally, in order to reduce procurement costs, establishment of bulk procurement policies to manage finances better has been deliberated.
I welcm IMF for recognising Pres @MMuizzu’s fiscal reform agenda,incl subsidy reforms tht phase out existing subsidies & replace them w/targeted direct income transfers,healthcare reform,reprioritisation & rationalisation of PSIP & SOE reforms & putting an end to PBA overdrawing pic.twitter.com/9tSlcsxGN8
— Mohamed Saeed (@em_saeed) February 7, 2024
“Reformation work is proceeding right now. This cannot be done overnight. It must be done with foresight and consideration. There are many procedures arranged to commence with the state’s participation based on advice from international experts,” he said.
In response to a question inquiring whether the steps to proceed with budget allocated expenses will be acted on within the year, Saeed said that the President had disclosed measures to reduce costs during his Presidential address and that no better commitment in relation can be exerted.
Saeed said that the state regards the reformation procedure in a very serious light and that further details on the process will be disclosed soon.
MVR 600 million is allocated for targeted subsidies from this year’s budget. These steps must be implemented in July next year as stipulated in the book. The profit from the subsidy is estimated to benefit 65% of the community. The targeted subsidies will be on fuel, electricity, water and sewerage services and staple food products.
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