Minister of Finance Ibrahim Ameer has revealed the state requires at least USD 272 million to ensure the provision of basic services without interruption for the next 3 months.
Speaking at a press conference held at National Emergency Operation Centre (NEOC), the finance minister said USD 272 million is the minimum requirement to continue state operations, undertake the expenses for the health sector and ensure all basic necessities for families without interruption for the next 3 months. Noting the COVID-19 pandemic has shocked the cash flow of the state, the minister stated efforts are currently underway to seek USD 233 million to manage the cash flow. He also noted several other measures are in place to better manage the cash flow, such as reducing state expenditure, selling T-bills to the local investment market, and acquiring funds through the central bank, Maldives Monetary Authority (MMA).
Minister Ameer also highlighted several measures taken by the government to reduce state expenditure. As such, the minister noted measures such as reducing wages, suspending new recruitment to state institutions as well as suspending travels and renovation. He also noted awarding of new projects has been put on hold, while efforts are underway to seek a debt relief moratorium.