Finance Ministry has announced major steps to reduce expenditure to overcome the financial obstructions faced by the Maldives.
Prevalent financial obstructions have posed major difficulties to the nation – particularly making the inflow of foreign currently difficult.
Finance Ministry, in a circular on Friday, has instructed to reduce expenditure through seven main aspects; promotions to staff, official trips, introduction of new allowances and similar aspects in this trajectory.
The Finance Ministry has banned certain expenditure without the approval of the Ministry.
With respect to staff expenditure, the Ministry has instructed against:
In addition to this, the Finance Ministry has also instructed to seek the Ministry’s approval before undertaking any official visits.
However, domestic visits in the Maldives costing MVR 35,000 can be undertaken with the approval of the finance executive. However, domestic visits costing over MVR 35,00 will require the approval of the Finance Ministry.
Similarly, operational costs of offices also require approval from the Ministry.
Other crucial steps announced the Ministry include:
The steps have been announced after President Dr. Mohamed Muizzu earlier remark that he has instructed the government to cut down expenditures.