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Budget surplus holds owing to capital expense cuts

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2 months ago

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The year-to-date total of state expenditure has reached to MVR 4.08 billion while the year-to-date total of state revenue inclusive of foreign grants reached MVR 4.48 billion, reports the Ministry of Finance.

According to the latest from the ministry, the budget’s overall balance for the most recent period, dated as of February 15, 2024, is a surplus of MVR 400.1 million.

This is also the fourth consecutive week of a budget surplus.

The year-to-date total of tax revenues collected, as of the review date, is MVR 3.97 billion – marginally up from the MVR 3.96 billion observed at the corresponding period in 2023. Non-tax revenue total in annual terms reached MVR 505.0 million; significantly down from the MVR 816.3 million observed by the same period last year.

Despite marginal increment in the revenue sources to the state by the review date, the budget surplus felt for the fourth consecutive week is tied mainly to the drop in capital expenditure of the state, and a modest drop in recurrent expenses.

The Maldives government has spent MVR 3.17 billion on recurrent expenses; which encompasses the salaries, wages and pensions of government sector employees and the state’s administrative and operational expenses. The figure is modestly down from the MVR 3.77 billion observed by the corresponding period in 2023.

Capital expenditure has observed a significant decline, and is still howering below the billion-Rufiyaa mark at MVR 905.4 million as of the review date. However, by the same period in 2023, state had spent a staggering MVR 2.23 billion on capital expenses.

These expense cuts are a direct result of the current administration’s push towards austerity measures and a stronger control of the budget owing to recommendations made by international financial bodies including the World Bank and the International Monetary Fund (IMF) towards the practice.

Source(s): sun.mv

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Freedom of journalism must be practiced within the responsibilities

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9 hours ago

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04/05/2024

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Minister at the President’s Office for Strategic Communications Ibrahim Khaleel has underscored the importance of exercising the freedom of press within the responsibilities. He made the remarks while speaking at a programme aired on PSM News.

Commemorating the 7th anniversary of PSM News, Minister Khaleel was invited to the programme, as he played a pivotal role in founding the PSM News Channel during his tenure as the Former Managing Director of the Public Service Media (PSM). The minister worked in the field of journalism and broadcasting for several years, actively engaging in various media positions, including reading and writing news articles.

Highlighted the convenience within the field following the advancements of technology, Minister Khaleel revealed articulated his vision for PSM News to serve as the primary national channel, delivering reliable and timely news coverage across the entirety of the country. In observance of World Press Freedom Day, the minister noted the continuous expansion of press freedom over the years. On this stance, he stressed the significance of media outlets to execute obligations in disseminating news, urging the spread of credible information.

Furthermore, Minister Khaleel revealed the government’s plan to expand and promote journalism. As such, efforts are underway to provide educational opportunities and to strengthen the financial stability of media organisations.

Source(s): PsmNews

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Fourth meeting of High-Level Core Group on withdrawal of Indian troops held in Delhi

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19 hours ago

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04/05/2024

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The fourth meeting of the High-level Core Group between the Maldives and India took place in Indian capital New Delhi on Friday.

Maldivian Foreign Ministry said both sides reviewed the existing bilateral cooperation between nations during Friday’s meeting while discussions were also held on a wide range of issues of mutual interest, including development and defense cooperation.

Additionally, the Foreign Ministry said it was reiterated that the Indian government will replace military personnel at the last of the three aviation platforms by May 10th, adding both sides expressed satisfaction with the fact that all the logistical arrangements are going ahead as per schedule.

Both sides also agreed that the fifth meeting of the High-Level core Group will be held in Male’ on a mutually agreeable date in June or July.

The High-Level Core Group was formed following a meeting between Maldivian President Dr. Mohamed Muizzu and Indian Prime Minister Narendra Modi on the sidelines of COP28.

Source(s): sun.mv

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Minister of Islamic Affairs to attend the OIC Summit as the President’s Special Envoy

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1 day ago

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03/05/2024

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The Minister of Islamic Affairs, Dr Mohamed Shaheem Ali Saeed, will attend the 15th session of the Islamic Summit of the Organisation of Islamic Cooperation (OIC), which begins tomorrow, as President Dr Mohamed Muizzu’s Special Envoy.

The Minister of Islamic Affairs is scheduled to address the 15th session of the Islamic Summit of the Organisation of Islamic Cooperation (OIC) as the President’s Special Envoy, which begins tomorrow, at Banjul, The Gambia. His address will be broadcast on television.

The Islamic Summit of the OIC, held once every three years, brings the leaders of the Islamic nations together to deliberate, take policy decisions, and provide guidance on issues pertaining to the Ummah as outlined in the OIC Charter.

The 15th Session of the Islamic Summit of the Organisation of Islamic Cooperation (OIC) will take place in Banjul, The Gambia, from May 4–5, 2024, under the theme “Enhancing Unity and Solidarity through Dialogue for Sustainable Development.”

Source(s): Presidents Office

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