Minister of Finance Dr. Mohamed Shafeeq has announced that new financial measures aimed at bolstering the nation’s economic development and growth will be implemented in a way that avoids placing any additional burden on the public.
Speaking at a press conference held at the President's Office, Dr. Shafeeq outlined the government's extensive efforts to address the current economic challenges. He revealed that modifications have been made to financial policies and the management of state-owned enterprises (SOEs) as part of these efforts, with ongoing discussions involving key stakeholders. The minister expressed optimism that these initiatives would soon yield positive results.
Dr. Shafeeq also emphasised that the government's fiscal strategy includes a priority focus on ensuring the repayment of the USD 500 million Sukuk. He highlighted the increasing reliance on dollars, particularly in the trade and transportation sectors, as observed by the Bank of Maldives (BML). In response, the government is committed to boosting dollar inflows and ensure that the central bank is capable of providing other commercial banks the necessary support.