Minister of Finance Ibrahim Ameer declared the state will face a loss of MVR 36 billion due to COVID-19.
The statement was made at an event initiating a training program in finances for civil servants. The program is set to conclude on June 27.
Minister Ameer predicts a loss of 36 billion from 2020 to 2022, stating that state expenses must be reduced to reduce the impact on the economy.
"We must maximize the benefits of every expense. Moving forward, the ministry aims to repay debts by increasing productivity", said the minister.
According to Ameer, the main aim of the 2022 budget will be fiscal consolidation, which will reduce debt rapidly.
Previously, the minister claimed that the Maldivian economy suffered greatly due to COVID-19, saying the country was on a ventilator. However, President Ibrahim Mohamed Solih stated the Maldivian economy was booming.