President Dr. Mohamed Muizzu has announced a series of stringent measures aimed at reducing public expenditure, particularly recurring expenses. The announcement was made via a message posted on a social media platform.
In his message, President Muizzu outlined several key measures, including a reduction in the number of political posts within the administration and scaling back or canceling unwarranted celebratory events. As a notable example, this year's Independence Day celebrations will be significantly scaled down, excluding the usual float procession, official reception, and festivities. Instead, the celebrations will be limited to the official function marking Independence Day, resulting in considerable reductions in state expenses.
President Muizzu also mentioned that additional measures to further reduce public expenditure will be disclosed in the near future.
Earlier this week, Minister of Finance Dr. Mohamed Shafeeg emphasised the government's commitment to implementing policies aimed at reducing expenditure and increasing revenue, starting primarily in the third quarter of 2024. A reform agenda encompassing 20 key initiatives, outlining seven direct measures to curtail spending, along with additional actions planned to achieve medium-term targets, has been approved by the president.
The Cabinet has endorsed a comprehensive strategy to bolster revenue through expenditure cuts, detailing a medium-term approach to achieve financial sustainability.