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State Budget Woes: An Analysis of Fiscal Struggles and Remedial Measures
The Ministry of Finance's 'Statement of Fiscal Constraints' for 2024-2026 warns that the absence of a long-term national development plan has forced MVR 73 million in unbudgeted 'ghost projects' spending, while fuel and electricity subsidies are estimated to reach MVR 1.5 billion against a budgeted MVR 594 million. The ministry is working with the Ministry of Planning on remedial steps, including amending the Fiscal Responsibility Act, a five-year fiscal charter, feasibility study requirements, and studies to shift to a direct subsidy model.
Sources1carried itMR1 of 19 news outlets we monitor
Figures6as written, with their sentences
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
How the reporting differs
one source so far
Maldives RepublicNews outlet
State Budget Woes: An Analysis of Fiscal Struggles and Remedial Measures
MVR 73 million Spending on projects not originally included in this year's budget
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Figures in these reports
as written, with the sentence they come from
MVR 73 millionSpending on projects not originally included in this year's budgetMaldives RepublicSuch a void has led to a situation where MVR 73 million had to be spent on projects not originally included in this year's budget.
Word for word from the report in Maldives Republic. Open the report
MVR 594 millionBudget allocated for energy subsidiesMaldives RepublicWhile the budget initially allocated MVR 594 million for energy subsidies, the year-end expenditure is estimated to be a staggering MVR 1.5 billion.
Word for word from the report in Maldives Republic. Open the report
MVR 1.5 billionEstimated year-end energy subsidy expenditureMaldives RepublicWhile the budget initially allocated MVR 594 million for energy subsidies, the year-end expenditure is estimated to be a staggering MVR 1.5 billion.
Word for word from the report in Maldives Republic. Open the report
MVR 530 millionEnergy subsidy budget in the previous yearMaldives RepublicThis follows last year's pattern, where a budget of MVR 530 million escalated to an actual expenditure of MVR 3 billion.
Word for word from the report in Maldives Republic. Open the report
MVR 3 billionActual energy subsidy expenditure in the previous yearMaldives RepublicThis follows last year's pattern, where a budget of MVR 530 million escalated to an actual expenditure of MVR 3 billion.
Word for word from the report in Maldives Republic. Open the report
MVR 2.1 billionForecast spending on five major projectsMaldives RepublicWith a forecast of MVR 2.1 billion to be spent on five major projects from 2023 to 2025 and an already-overstretched subsidy budget
Word for word from the report in Maldives Republic. Open the report
Other events named
no clear day, as worded
The Ministry of Finance released its 'Statement of Fiscal Constraints' for 2024-2026 setting out fiscal challenges.Maldives RepublicAccording to the ministry's “Statement of Fiscal Constraints” for 2024-2026, there has been a substantial impact on the state budget due to the absence of a long-term national development plan.
Word for word from the report in Maldives Republic. Open the report