Fiscal report suspended for past three weeks

Aug 30, 2025, 1:33 PM
Finance Minister Moosa Zameer. -- Photo: People's Majlis

Finance Minister Moosa Zameer. -- Photo: People's Majlis

The Finance Ministry has again suspended its weekly financial report for the past three weeks.

The last fiscal report was released on August 14 with the details of expenditure and income up to August 7.

This is the second time in the past two months that the ministry suspended disclosing its financial reports.

Last month, the reports were suspended for two weeks and were publicized after an article on Adhadhu.

This is not the first time the government has stopped disclosing its weekly financial figures.

Last year, the fiscal report was suspended from late June until August 29. The government made many excuses to not disclose the figures.

The figures were disclosed after opposition parties expressed concern and began complaining to international agencies.

The latest report shows that more than half of the projected revenue of MVR 39.7 billion was earned by the 25th week of the year.

Tax and non-tax revenue was higher than the previous year. However, the amount of free aid received was lower.

This year's budget estimates MVR 2.5 billion in free aid but MVR 162 million has been received so far. This is only six percent of the estimated amount.

Comments

Read More

Latest News

EyeCare offers 20 percent discount to mark World Sight Day

To celebrate World Sight Day, EyeCare is offering a 20 percent discount on selected frames with the purchase of prescription lenses through October. Available at all outlets, the promotion aligns with the "Love Your Eyes" theme to encourage eye health. Professionals are on hand to help customers choose the best options for their lifestyle.

Dhiraagu Maldives Junior Open to begin on December 13

Registration is open for the Dhiraagu Maldives Junior Open 2026, a badminton tournament running from December 13 to 19 in Malé. The event features various youth age groups and a Para category to foster local and international talent. Interested players must register by November 25 to compete in this endorsed sporting event.

MTCC has 6700 employees, most positions are contract-based

MTCC reports a workforce of 6,700 employees, with only 2,500 being permanent staff. Following a merger with the Road Development Corporation, the company’s headcount will grow by over 4,000, establishing a presence on every inhabited island. This expansion comes amid criticism over rapid hiring practices within state-owned enterprises.

Moody’s upgrades Maldives credit rating to Caa1

Moody’s has upgraded the Maldives' credit rating from Caa2 to Caa1 with a stable outlook, citing a reduced risk of default after successful debt payments. While the upgrade restores the rating to previous levels, the agency warns of a rising budget deficit and a high debt-to-GDP ratio that remains above 100 percent.

Board appointed for new Awqaf Investment company

The Maldives has formed the board for Maldives Awqaf Investment, a new state-owned enterprise led by Chairperson Izzuddin Adnan. The company will manage mosque construction, renovations, and waqf property development through Shari’ah-compliant activities. It holds an authorized capital of MVR 100 million to ensure project sustainability.

Government revenue exceeds MVR 30 billion

The Maldivian government’s revenue surpassed MVR 30 billion, marking a slight increase over last year despite a slowdown in tourism-related tax growth. While tax revenue rose to MVR 23.8 billion, non-tax revenue saw a decline. Economic experts link the stagnation to a cooling tourism sector, which may impact year-end budgetary targets.

TGST declines due to low tourist arrivals

Maldives' state revenue is declining as Tourism Goods and Services Tax collections fell by MVR 110.5 million due to a drop in visitor arrivals. Disruptions in Middle Eastern air travel have slowed tourism momentum since the second quarter. It is now unlikely the country will meet its annual target of 2.4 million tourists.

Newsletter

Get the latest news delivered straight to your inbox