Governor of the Maldives Monetary Authority (MMA) Dr Fazeel Najeeb has called on all interlocutors to cooperate with the government's initiative to minimize State expenditure.
Speaking during the ceremony held to launch the new 5Laari and 10Laari coins, Governor detailed that the Maldives had felt the adverse effects of the 2004 Tsunami and the ongoing global economic crisis since the year 2007. He added that the country’s economy is continuously at “risk” from global economic shifts.
“The highest revenue earner for the government had always been the tourism industry. Hence the reverberations of changes to the tourism sector are felt through the whole Maldives economy,” Fazeel said.
He further stressed that serious contemplation was required for the increased expenses of the State. Fazeel backed the recent announcement made by the Finance Minister Abdulla Jihad to deduct 15 percent from the State budget in a bid to reduce costs hailing it as an important initiative under the present circumstances.
“Finance Minister cannot reduce expenses on his own. All government institutions must cooperate with him,” Fazeel said.
Addressing the issue of US Dollar unavailability in the Maldives, Governor claimed that efforts are ongoing to introduce an additional “instrument” to find a resolution to the problem.