Minister of Finance Ibrahim Ameer has revealed the majority of COVID-19 related expenses of the state have been undertaken through State Trading Organisation (STO).
In a press conference held at National Emergency Operation Centre (NEOC), Finance Minister Ameer said 72% of all COVID-19 related expenses of the state have been undertaken through STO, which represents a figure of USD 37.8 million. The minister said the expenses include purchase of medicine, medical equipment and consumables as well as staple food and other essential items.
Elaborating on the items procured through STO, the finance minister said 86% of all medical consumables are procured through STO, including personal protective equipment (PPE), medical oxygen and laboratory reagents. Furthermore, he revealed a Disaster Management Trust Fund agreement has been signed with STO, under which USD 5.4 million has been provided to the organisation to maintain a buffer stock of staples in the Maldives.
The finance minister said a financial audit of the COVID-19 related expenditure by the state is underway. As such, the minister said the State Internal Audit Committee of the finance ministry is conducting an audit of all state institutions which are undertaking COVID-19 related expenses. He added the audit is expected to be completed this week.
Minister Ameer also stated a special audit of STO is underway, as most of the COVID-19 expenses have been undertaken through the organisation. He said the audit will help to identify issues which need to be addressed in undertaking COVID-19 expenses.
The government has stated it will not hesitate in undertaking any expenses required to overcome the COVID-19 situation in the Maldives. The government is also working on acquiring foreign grants and loans to assist economic recovery, while measures have been taken to reduce non-essential expenditure.