The Auditor General's Office found the Maldives' medium-term Fiscal Strategy (2024-2026) unrealistic, saying it lacks a comprehensive implementation plan and monitoring mechanisms. The audit also noted that the proposed budget does not match the strategy and that revenue and cost-saving targets are unlikely to be met.
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The audit, of the report proposed by former Finance Minister Ibrahim Ameer on 31 July 2023, concluded that the latest medium-term fiscal strategy proposes various measures to increase state revenue and reduce expenditure but there is no comprehensive plan or monitoring mechanisms to implement any of these measures.
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When examining the proposed policies, it is clear that there is no plan or adequate monitoring system to ensure their successful implementation
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The fiscal strategy estimates that the proposed revenue increases will generate MVR 1.3 billion this year and MVR 4.7 billion over the next three years.
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The fiscal strategy estimates that the proposed revenue increases will generate MVR 1.3 billion this year and MVR 4.7 billion over the next three years.
Word for word from the report in Maldives Republic. Open the report
The fiscal strategy estimated savings of MVR 2.7 billion this year and more than MVR 12 billion over three years.
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The fiscal strategy estimated savings of MVR 2.7 billion this year and more than MVR 12 billion over three years.
Word for word from the report in Maldives Republic. Open the report
The strategy also proposes reducing debt to 95 percent of GDP by 2026, reducing debt year-on-year relative to output and covering recurrent expenditures from state revenue.
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