Reduced Capital Spending Will Impact Economic Growth: Deputy Governor

Deputy Governor of the Maldives Monetary Authority (MMA), Ahmed Imad, stated that reduced capital spending will impact economic growth during a Parliament Public Accounts Committee hearing. Responding to MP Hassan Afeef, Imad said the administration is managing expenditure without large financing or debt monetisation, but urged further cost cuts. The state faces a MVR 16.31 billion deficit in 2024, with challenges in raising funds. Imad noted that while US dollar revenue is increasing, major changes in spending are needed. The MMA supports cutting development projects to reduce expenditure. Minister of Finance Mohamed Shafeeq said no projects will be halted, only suspended until funds are available.

Deputy Governor of the Maldives Monetary Authority (MMA), Ahmed Imad, stated that reduced capital spending will impact economic growth during a Parliament Public Accounts Committee hearing. Responding to MP Hassan Afeef, Imad said the administration is managing expenditure without large financing or debt monetisation, but urged further cost cuts. The state faces a MVR 16.31 billion deficit in 2024, with challenges in raising funds. Imad noted that while US dollar revenue is increasing, major changes in spending are needed. The MMA supports cutting development projects to reduce expenditure. Minister of Finance Mohamed Shafeeq said no projects will be halted, only suspended until funds are available.

Deputy Governor of the Maldives Monetary Authority (MMA), Ahmed Imad, stated that reduced capital spending will impact economic growth during a Parliament Public Accounts Committee hearing. Responding to MP Hassan Afeef, Imad said the administration is managing expenditure without large financing or debt monetisation, but urged further cost cuts. The state faces a MVR 16.31 billion deficit in 2024, with challenges in raising funds. Imad noted that while US dollar revenue is increasing, major changes in spending are needed. The MMA supports cutting development projects to reduce expenditure. Minister of Finance Mohamed Shafeeq said no projects will be halted, only suspended until funds are available.

This story involves 1 source and may affect public understanding of economic growth / capital expenditure.