Minister of Finance Ibrahim Ameer has revealed the state requires about USD 779 million more than the amount received so far as income this year.
Speaking at the Parliamentary Committee on Economic Affairs, Finance Minister Ameer said the state requires to seek a large amount to finance the operations and expenses since the income of the state has significantly dropped due to the COVID-19 pandemic. Initially, the state expected to receive USD 1.9 billion as foreign aid and income this year. However, the minister revealed only USD 1.026 billion is currently projected to be received this year.
Furthermore, the finance minister said it is projected that USD 1.2 billion will be received as aid and income next year. The minister expressed the government will need about two years to overcome the current financial situation.
The expenses of the state increased more than projected for the year due to the COVID-19 pandemic.