The Finance ministry has stated that financial aid received is not enough and its become difficult to get more funds.
Ahmed Sharuvash Adam, Chief Financial Budget Executive at Finance Ministry’s Head of Fiscal Department has announced this during a Webinar session held by Auditor General Office. He has stated the government is working to get more aid and loans from foreign countries with other options of selling treasury bills to gain more funds to manage expenses of the government.
Sharuwan has said the government is heavily relying on foreign loans and aid to manage balance budget set by the government. He also noted that funds would be much tougher to get as international institutions are solely focused on funding for COVID-19 and not other options.
Furthermore, he said that the government planned to get US$ 223 million in funds and but the aid revived from all the funds are not enough to manage according to the finance ministry. Sharuwan has also stated the finance that received would only fund one-fourth of its expenses and the government needs more.
He also believed this was heavily impacted when the government planned 29.9 Billion didn’t come through as revenue. Also noted that countries have implemented capital control which doesn’t allow to get much financial help from other countries. Plus since revenues are becoming low as many people lose jobs the government cannot use pension funds money to give out treasury bills to get more funds.
Until now the government has printed money devalued the Maldives curries and received many funds from abroad but still many criticisms have been pointed by many citizens of Maldives for mishandling the current situation.