Finance Ministry

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Subsidy spending doubles with budget nearing exhaustion

Subsidy spending has doubled due to rising energy prices, with MVR 2.2 billion already spent. At the current rate, the annual budget will be exhausted within a month, potentially requiring billions in additional funding. Despite the crisis, the government has yet to implement a targeted subsidy system to manage costs.

4 months ago

News

Tax Commissioner Hassan Zareer appointed Finance Minister

Hassan Zareer has been appointed as the new Minister of Finance following the resignation of Moosa Zameer. Zareer previously served as the Commissioner General of Taxation and Chairperson of the Bank of Maldives. He brings extensive experience in auditing and finance to the role.

4 months ago

News

Latest

Subsidy spending doubles with budget nearing exhaustion

Tax Commissioner Hassan Zareer appointed Finance Minister

Maldives Finance Minister Moosa Zameer resigns

Fitch upgrades Maldives to ‘CCC-’ after sukuk payment

Pay Commission Secretary General resigns

33 percent workforce cut from SOEs after political hiring spree

State companies ordered to cut costs after halt in Iran conflict

Budget surplus at MVR 2 billion in first ten weeks

PCB refuses to release financial statements of SOE Directors

USD 100mn loan to cover costs due to rising oil prices

Fiscal report published after a two-month hiatus

Measures being taken to ensure oil supply

Govt cannot explain efforts made to recover money from resorts

"Govt trying to obscure interest rate of Cargill loan"

Govt securities debt at more than MVR 100 billion

Pension board approves money printing transaction

Govt close to finalizing USD 300 million loan from Cargill

No budget to pay salaries after three months: Shujau

MVR 1.5 billion spent on subsidies after exhausting budget

"Sukuk payment could empty reserves and endanger sovereignty"