Business

Minority leader MP Ahmed Saleem calls to lower proposed budget to MVR 25 billion.

Published

3 years ago

08/11/2021

MNN

Parliament’s Minority Leader MP Ahmed Saleem has called for the government to reduce the proposed state budget of MVR 37 billion to MVR 25 billion in consideration for the current state debt and lack of income.

Speaking at the Parliament, MP Ahmed Saleem raised concern on the proposed budget and the economic situation of the country. He stated that under the current administration state debt has increased by the billions annually and that while the proposed budget estimates an additional debt of MVR 10 billion, he suspects that the actual number would be MVR 14 billion.

He also stated that under the current administration the state budget deficit has also increased by MVR 13-14 billion every year.

MP Ahmed Saleem also called for the government to restrain from taking in new debts and to focus on reducing the owed debts due to the massive recession and the economic hurdles caused by the COVID-19 pandemic.

The veteran MP and businessman stated that due to the recourse chosen by the current administration, it is very likely for the prices of foods and other goods to hike in time for the upcoming Ramadan. He also noted that the burdens caused by this hike in prices will not affect those on the top tiers of the government and that the ordinary people will be the ones to suffer.

MP Ahmed Saleem also noted that the current budget does not aim to alleviate the sufferings of the people and that it will only further alleviate the status of those on the top tiers of the government.

He further noted that even now MVR75,000.00 is being spent daily spent on the President’s residence. This is almost 12 times the median monthly income of a government employee.

He further stated that the proposed budget raises red flags and that to manage the state debt the budget should be lowered to MVR 25 billion.

Business

Maldives records USD 802.2 million in first four months

Published

4 hours ago

19/05/2024

The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

3 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

7 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews