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Finance Ministry Requests to Overdraw MVR 4.4 Billion for Uninterrupted Services

Finance Ministry has requested withdraw MVR 4.4 billion to ensure uninterrupted services of state institutions amid the economic downfall caused by COVID-19.

Finance Ministry has highlighted the expenses needed to cover for the functioning of the services for overcoming the current economic and financial constraints.

The ministry has presented a document noting necessary measures that need to be taken to manage the government’s cash flow to the Maldives Parliament.

In addition to that ministry has stated that extending the overdraw limit from public banks will help the government with short-term expenses.

Finance Ministry has also highlighted that fall in global oil prices in the world market and the toll COVID-19 has on the global market will affect the consistency in the demand for foreign currency.

Also, the ministry’s decision to overdraw MVR 4.4 billion comes in after consideration of hiked unemployment and the drop in the economic aggregate demand.

Full details are available at the link below:

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Source URL: Corporate Maldives

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