Deputy Governor of the Maldives Monetary Authority Ahmed Imad told a Parliament Public Accounts Committee hearing that a contraction in capital expenditure will weigh on economic growth, while the state must cover a MVR 16.31 billion deficit in 2024. The MMA supports cutting development projects and stricter cost-cutting, whereas Minister of Finance Mohamed Shafeeq said no projects will be halted.
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.
Imad was responding, during a hearing of the Parliament Public Accounts Committee on Wednesday, to a question by Member of Parliament (MP) for Vilufushi, Hassan Afeef, on whether cutting capital expenditure instead of reducing recurrent expenditure would have an adverse impact on economic growth.
Word for word from the report in Maldives Republic. Open the report
We also believe that a contraction in capital expenditure will have an impact on growth.
When we look at the government expenditures in January, February and this month, we are managing by spending almost [all] what we get.
There are difficulties in executing the budget in accordance with the advice given when we presented the budget, especially in obtaining financing. It is expected to be challenging to execute the budget without major reform changes
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
According to the Ministry of Finance’s Annual Borrowing Plan (ABP), the state will need to cover a total MVR 16.31 billion deficit in 2024.
Word for word from the report in Maldives Republic. Open the report
Additionally, the Ministry of Finance, in January, issued a Request for Proposals (RFP) seeking institutional investors to secure up to US$550 million through loans and treasury securities in line with the 2024 ABP.
Word for word from the report in Maldives Republic. Open the report
Additionally, the Ministry of Finance, in January, issued a Request for Proposals (RFP) seeking institutional investors to secure up to US$550 million through loans and treasury securities in line with the 2024 ABP.
Word for word from the report in Maldives Republic. Open the report
