The Government affirms its intention to implement measures to address difficulties in acquiring foreign currency and bolster the economy. The statement was made at a press conference held at the President's Office Sunday evening.
The press conference was attended by the Minister of Foreign Affairs, Moosa Zameer; Minister of Finance, Dr Mohamed Shafeeq; Minister of Economic Development and Trade, Mohamed Saeed; and Attorney General, Uz Ahmed Usham.
At the press conference, the Ministers stated that during Sunday’s cabinet meeting, discussions were held with President Dr Mohamed Muizzu regarding efforts to manage the economic complications in the Maldives and the implementation of significant measures.
The Attorney General highlighted that the legal amendments include modifications to the Pension Act, revisions to the Income Tax Act, and changes within the Maldives Inland Revenue Authority (MIRA).
Additionally, the Attorney General stated that the government intends to implement immediate changes, including necessitating companies earning revenue in dollars to settle their state obligations in dollars, requiring pension contributions in dollars from companies paying salaries in dollars, and mandating that customs duties be paid in dollars by companies generating revenue in dollars. The Attorney General indicated that updates would be provided within one to two weeks.
During the press conference, the Ministers articulated that the Maldives Monetary Authority (MMA) is addressing the Bank of Maldives' needs to mitigate the foreign exchange shortage.
At the press conference, the Ministers outlined the measures being implemented to enhance and expand the nation's economy and the forthcoming economic initiatives.
Simultaneously, they observed that this time of year usually experiences a decline in foreign exchange flows. Nonetheless, they expect that the economic challenges will be resolved by the end of the year, and the country’s production output will increase.
