Government Faces Over MVR1bn Revenue Loss

Monday 6th of April 2020

Government Faces Over MVR1bn Revenue Loss

Ministry of Finance reported the cumulative total of revenue generated to Maldives government so far in 2020 was comparatively lower than the income earned in the corresponding period in 2019. The total loss in revenue was recorded at an approximate MVR1.3 billion.

Statistics from the ministry revealed Maldives state only earned MVR4.597 billion as of 26 March 2020, out of which MVR3.943 billion was earned in tax sources and the remaining MVR631.7 million was earned through non-tax revenue streams.

Maldives have received a total of MVR21.9 million in foreign grants while the capital receipt total reached only to MVR3.7 million so far in 2020 and all revenue streams registered significant drops in the 2020 compared to the same period in the previous year.

The coronavirus pandemic has caused a slowdown of economic activities and to a downfall, with many people getting unemployed and businesses going out of market. More than 50 tourist resorts have temporarily shut down their operations while over 11,000 resort employees were sent off on no-pay leave.