Maldives faces slower growth, World Bank urges fiscal reforms

The Maldives currently has a high debt burden, exceeding USD 8 billion, which is equivalent to 122.9% of its GDP.

9 May 2024

Budget proposes to consider income in council payouts

"Our intention is to encourage [councils] to generate revenue first. Don't just rely on block grants," he said.

1 November 2023

Budget rendered 'useless'; MVR 73m projects outside budget

The report notes that various projects are included in the budget as ghost projects.

13 October 2023

Targeted subsidy policy has new govt's backing: Finance ministry

The government in the 2024 budget has proposed to change the existing blanket subsidy policy to provide targeted subsidies only to those in need from July 2024.

1 November 2023

Govt mulls cheaper oil import instead of subsidy rationalisation

If the cost of fuel subsidies is not reduced, the cost of fuel subsidy will be close to MVR 2 billion this year as well.

27 April 2023

Fish price at market rate saved MVR 1b in subsidies

The government has to pay the company large amounts in subsidies to buy fish at a price that MIFCO cannot afford.

22 August 2024

Targeted subsidies from July 2024; inflation to hike to 3.9%

MVR 2.2 billion has been budgeted for the change in subsidy policy.

31 October 2023

Maldives' state fisheries firm revokes price control on fish

MIFCO said it was not financially sustainable to buy fish from fishermen without taking the market price into account.

1 July 2024