Financial Updates of COVID19 in Maldives

Wednesday 13th of May 2020

Financial Updates of COVID19 in Maldives

Evaluated on a weekly basis and updated once every week, the latest update of the ‘Weekly COVID-19 Spending Report’ from Ministry of Finance confirms the spending on COVID-19 efforts have reached MVR814.2 million. This is a 22.4% increase from the week before.

National Disaster Management Authority (NDMA) and Ministry of Health continue to contribute towards majority (91.5%) of all spending. The Ministry reported the weekly increase of MVR148.8 million is “primarily linked to the increased spending by NDMA on medical equipment and the national medical emergency stockpile.”

Further, Maldives Inland Revenue Authority (MIRA) reports that the total monthly revenue collection for April 2020 inclusive of USD collection was recorded at MVR 527.47 million which is a 59.6% decline compared to April 2019.

Due to the lockdown, all tax deadlines have been extended till MIRA re-opens while tourism land rent payments were also postponed. Hence, the major impact was reflected in tax revenues. The revenue from the tourism industry with tourism land rent and TGST accounts for 73.8% of USD revenue which declined with the huge losses for the industry as majority of the resorts closed due to the lack of tourists.