Maldives’ Medium-Term Fiscal Strategy Unrealistic: Auditor General’s Office

The Auditor General’s Office has concluded that the Maldives’ medium-term Fiscal Strategy (2024-2026) is unrealistic, citing a lack of comprehensive plans and monitoring mechanisms. The strategy, proposed by former Finance Minister Ibrahim Ameer in July 2023, aims to increase revenue and reduce expenditure but lacks implementation details. The audit notes that the 2024 budget does not match the strategy, omitting proposed revenue increases. Revenue targets of MVR 1.3 billion this year and MVR 4.7 billion over three years are unlikely, and cost-cutting savings of MVR 2.7 billion this year and MVR 12 billion over three years are deemed challenging. The strategy includes selling carbon credits, increasing MFMC dividends, and reducing Aasandha expenditure.

The Auditor General’s Office has concluded that the Maldives’ medium-term Fiscal Strategy (2024-2026) is unrealistic, citing a lack of comprehensive plans and monitoring mechanisms. The strategy, proposed by former Finance Minister Ibrahim Ameer in July 2023, aims to increase revenue and reduce expenditure but lacks implementation details. The audit notes that the 2024 budget does not match the strategy, omitting proposed revenue increases. Revenue targets of MVR 1.3 billion this year and MVR 4.7 billion over three years are unlikely, and cost-cutting savings of MVR 2.7 billion this year and MVR 12 billion over three years are deemed challenging. The strategy includes selling carbon credits, increasing MFMC dividends, and reducing Aasandha expenditure.

The Auditor General’s Office has concluded that the Maldives’ medium-term Fiscal Strategy (2024-2026) is unrealistic, citing a lack of comprehensive plans and monitoring mechanisms. The strategy, proposed by former Finance Minister Ibrahim Ameer in July 2023, aims to increase revenue and reduce expenditure but lacks implementation details. The audit notes that the 2024 budget does not match the strategy, omitting proposed revenue increases. Revenue targets of MVR 1.3 billion this year and MVR 4.7 billion over three years are unlikely, and cost-cutting savings of MVR 2.7 billion this year and MVR 12 billion over three years are deemed challenging. The strategy includes selling carbon credits, increasing MFMC dividends, and reducing Aasandha expenditure.

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