The governor of MMA stated today that while MVR 12 billion (USD 766 million) is needed for next year's budget financing, if this money is not obtained, it will impact the reserves, and the financial reform work is therefore very important.
Maldives Monetary Authority (MMA) governor, Ahmed Munawar, stated today that while MVR 12 billion (USD 766 million) is needed for next year's budget financing, if this money is not obtained, it will impact the reserves, and the financial reform work is therefore very important.
Governor Munawar told the parliament's budget committee that the government should go ahead with the reform work as planned and find a way to increase the reserves further. He added that low ratings in the country will make it more difficult to get financing from abroad.
Munawar said that if the reserves cannot be increased, the rating agencies will not give the Maldives a good rating.
"It is important that the money raised for foreign financing is used to start projects. Like previous years, there is a large amount that needs to be obtained from domestic financing as well," he said.
Next year's budget has included plans to raise MVR 7 billion from the domestic market.
Munawar said that while a large amount is planned to be raised from the domestic market, it is good that this money is not planned to be raised through MMA (Maldives Monetary Authority), and in the future as well, it is important to plan the government's expenditures without relying on MMA.
For next year's budget financing, MVR 19 billion has been allocated, of which MVR 6.6 billion is planned to be obtained from foreign banks.
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