Monday 22nd Jul 2024
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Ministry of Finance

Munawwar Not Resigning, Aims to Implement Financial Reforms

Former Finance Minister Ahmed Munawwar, who is an Advisor to the Finance Minister, has denied rumors that he has resigned from his post, saying he will continue to implement the reform measures announced by the government.
Munawwar, who has worked in the financial sector for many years, has been appointed as the Special Advisor to the Finance Minister at the ministerial level. Besides him, former central bank governor Ahmed Naseer is also a special advisor to the finance minister.
The opposition has been claiming that the Maldives Government is participating in a bankruptcy program offered by the International Monetary Fund (IMF), after the IMF praised the government’s fiscal reform measures during the President’s meeting with the IMF Managing Director during his visit to Dubai.
The IMF hailed the measures to cut government spending with the cessation of money printing after a visit by its staff under Article 4 of the IMF Charter, as it saw the reforms would improve the country’s fiscal health.
However, some sources have reported that Minister Munawwar has resigned from his post. Replying to a question from Dhiyares, Munawwar denied the allegations.
"The resignation is absolutely false. I am still working with the minister and his team. We are working on formulating and implementing the reforms to improve the country's financial situation with the advice of the minister," he said.
Munawwar further noted that the reforms praised by the IMF were included in the budget when the state budget was presented last year. These include strengthening the subsidy system and strengthening Aasandha’s policies.
The reforms announced by the government includes those presented in the 2022 budget, which was passed two years ago. However, the government's failure to implement the reforms has led to soaring government spending, widening the revenue-expenditure gap and increasing the debt-ridden economy.
President Dr. Mohamed Muizzu has announced many major development projects to increase revenue. The projects will solve the current foreign currency shortage, he said.