News

Finance Minister: Failure to secure foreign aid could result in economic shock

Published

6 months ago

20/11/2023

Finance Minister Dr. Mohamed Shafeeq told the Parliament’s Budget Committee on Monday that the new administration is working hard on securing USD 200 million in foreign aid Maldives is projected to receive before the end of the year, but warned that failure to secure the funds could result in economic shock.

Maldives has not received foreign aid to the level projected in the budget in recent years. The country has not received 80 percent of the foreign aid projected for this year.

Maldives Monetary Authority (MMA) has advised the government to secure the USD 200 million in projected foreign aid for this year as soon as possible, and to secure the USD 550 million in projected foreign aid for the next year as early on in the year as possible.

In a meeting with the Parliament’s Budget Committee on Sunday afternoon, Shafeeq said that President Dr. Mohamed Muizzu, during meetings with foreign diplomats who visited Maldives to attend his inauguration last weekend, asked for help in budget support.

He said that while many of the countries gave positive responses, nothing has actualized yet.

“We received very positive responses from some of the countries. But I cannot say for certain. We are looking at securing a good inflow as soon as possible in the remaining two months. We have to target securing an inflow of over USD 200 million,” he said.

“If we are unable to secure it, then, as the previous governor also mentioned, an economic shock is possible.”

Shafeeq said the administration needs to consider suspending some of the projects due to the economic situation.

He said that the administration is reviewing projects, and cannot initiate projects that funds haven’t been allocated for yet.

MMA has also advised that it is crucial to secure foreign financing in order to maintain state reserves and provide state-owned enterprises with needed foreign currency.

The central bank urged the government to take fiscal consolidation measures as soon as possible, citing the high probability of being unable to secure the needed foreign currency inflow.

Fiscal consolidation measures proposed for next year includes replacing the indirect subsidies on electricity, fuel, staples and sanitation with targeted subsidies, based on income and living conditions; linking spending on Aasandha to a targeted system, and bulk procurement of medical consumables.

Source(s): sun.mv

News

Developmental projects of Maldives progressing substantially

Published

1 hour ago

18/05/2024

India’s Minister of External Affairs Dr. S. Jaishankar has affirmed that the developmental projects of the Maldives carried out with the assistance of India have been progressing considerably. The remarks were made by the minister during the Confederation of Indian Industry (CIIs) Annual Business Summit.

Speaking at the summit, Minister Jaishankar stated that some developmental projects were slightly politically influenced, hindering the progress. However, he assured that the progress of the projects have propelled at a notable rate.

Following the Minister of Foreign Affairs Moosa Zameer’s official visit to India at the invitation of Minister Jaishankar, discussions were held highlighting the spectrum of initiatives across the nation has been kickstarted through loans and grants from the Government of India during the previous administration. He emphasised the current government’s commitment to prioritising the resumption and completion of these projects.

Meanwhile, the Government of India has reaffirmed its commitment to the development and prosperity of the Maldives by extending a budgetary support of USD 50 million to be repaid within a term of one year.

Source(s): PsmNews

News

Police officers complete training to prevent maritime terrorism acts

Published

16 hours ago

17/05/2024

A team of 22 police officers has successfully completed a specialised training programme focused on thwarting maritime terrorism activities.

Entitled “Training on Strengthening Capabilities to Disrupt Maritime Crimes as Related to Terrorist Threats,” the program was conducted through a collaborative effort between the Maldives Police Service (MPS) and the United Nations Office on Drugs and Crime (UNODC). Running from May 13 to 15, the intensive training equipped participants with essential skills and knowledge crucial for combating threats in maritime environments.

The concluding ceremony, graced by the presence of Chief Superintendent of Police Ibrahim Adnan Anees, Head of Marine Police, along with senior officials from the Marine Police Department, UNODC’s Head of Office Enrico Boninsegna, and course instructor Kenneth Alferdo Pennington, highlighted the significance of such initiatives in enhancing national security.

Addressing the gathering, Adnan underscored the importance of ongoing education and skill development, urging participants to actively apply the knowledge garnered from the program in their professional endeavors.

The training, conducted at Dhoonidhoo, Kaafu Atoll, imparted vital insights into the prevention and detection of maritime terrorism activities, emphasizing protocols for safe navigation in high-risk areas. Furthermore, officers received guidance on investigative procedures essential for effectively addressing such crimes, thereby bolstering the nation’s capabilities in combating maritime threats.

Source(s): PsmNews

News

President reverts land act amendment to parliament

Published

16 hours ago

17/05/2024

President Dr. Mohamed Muizzu has reverted the Ninth Amendment Bill to the Maldives Land Act to Parliament for further consideration.

This bill, which seeks to establish criteria for recipients of residential land and mandates that land be allocated within three months of the publication of the permanent list of recipients in the gazette, was initially passed during the twenty-second sitting of Parliament’s first session this year and sent to the President’s Office for ratification on May 2.

In returning the bill, President Muizzu invoked Article 91(a) of the Constitution, which grants the President the authority to return legislation to Parliament for reconsideration.

The President’s Office has confirmed this, indicating the need for further review and potential revisions to the proposed amendment.

Source(s): PsmNews