Three-fold rise in fuel and electricity subsidies this year

The finance ministry has said that the amount of subsidy on fuel and electricity will triple by the end of the current fiscal year due to the absence of pre-planned measures to reduce fuel subsidies.

According to the "Statement of Fiscal Constraints" released by the ministry, the budget approved MVR 594 million for energy subsidies this year. However, the subsidy cost is expected to reach MVR 1.5 billion by the end of this year.