President Mohamed Nasheed has said that all government expenses will be revealed on a weekly basis from next month onwards. The President made this statement while speaking during the inauguration of the government’s “Fiscal and Economic Reform Programme” held this evening at Dharubaaruge.
President Nasheed alongside the association of industry leaders underlined that full implementation of the economic reform agenda shall develop an economic model which aims to uphold justice and accommodate a civil system that is competent and incorruptible. This direct economic model is also expected to increase state income and improve the state of the Maldivian economy.
“The government has no doubt that providing transparency and regular administration of justice by executives, the parliament, judiciary and other independent bodies will develop a sustainable and flourishing economy,” The President added.
The President noted that the new revenue measures proposed by the government will allow a sustainable revenue base where ‘every single Rufiyaa’ will provide direct revenue for the people.
“Therefore, I am confident that government incentives to build a strong economy befitting the Maldives status as a middle income country will enable the state to provide the necessary services the people expect.” The President said.
President Nasheed spoke on governments’ economic and fiscal reform through a series of recommendations on the new taxes. The President also assured that the government introduction of direct taxation will allow a sustainable revenue base and that the governments programme will bring income up to a level where necessary expenditures can be met and lead to a balanced budget.
The President added that with the introduction of direct taxation, ‘every single Rufiyaa’ will be accountable to the people.
President Nasheed also noted the deficiency of a taxation system in the country comparable to tax regimes productively implemented in other countries was a serious obstruction to economic growth.
At the ceremony, President Nasheed launched a compiled book which is anticipated to enlighten the general public on issues of fiscal and economic reform.
Cabinet Ministers, Members of the Parliament, State Ministers, political appointees and various individuals from the countries economic and financial sectors attended the launch, where businesses in the tourism industry welcomed the proposed legislation for reform agenda.
Speakers at the inauguration of ‘Fiscal and Economic Reform Programme’ included Minister of Economic Development Mahmood Razi, Sunland Travel Board Director Hussain Hilmy, MATI’s Chairman Mohamed Umar Manik, MATI’s Secretary General Ibrahim Mohamed, entrepreneur Mohamed Waheeduddeen and Captain of Dharumavantha School Mohamed Naif.
