Forecast grant MVR 1.2 bil, half of it not received

The statistics from the Ministry of Finance has revealed that half of the projected MVR 1.27 billion in grants was not received to the Maldives government this year.

The ministry shared its Weekly Fiscal Developments as of November 21st, which provides insight of the government's cumulative expenditure and revenues.

According to the statistics for the review date, state received MVR 569 million in grants, whereas in the corresponding period last year, Maldives government received MVR 662 million.

The approved budget for 2024 indicates a project annual of MVR 1.3 billion in grants.

In the MVR 5.1 billion supplementary budget proposed by the current administration, to adjust cashflow for expenditures, the projected total in grants for the remainder of this year MVR 199.3 million.

With the supplementary budget, the projected total revenues inclusive of foreign grants rose to MVR 34.2 billion; whereas the initial projection was MVR 33.5 billion.

Maldives faces the issue of not attracting grants as per the projected figures almost every year.

Statistics for 2023 showed a projection of MVR 2.52 billion in grants in annual terms, but the state had received just MVR 515 million as of December 28, 2023. The statistics also revealed government received MVR 1 billion in grants for the same period the year before.

The current government has alleged various the previous one of falsifying the statistics of public accounts, which led to the state discontinuing the Weekly Fiscal Developments for proper consolidation earlier this year and resumed only in October.

The Ministry of Finance also noted that the Auditor General's Office was looking into nearly two billion in unrecorded finances from last year, and noted last year's expenditure figures may change following the review.

Both President Dr. Mohamed Muizzu and Minister of Finance Moosa Zameer had previously said foreign allies had given the green signal of providing financial support to the Maldives.