Former President Yameen Abdul Gayoom has said the government will be forced to print money next year to meet its budget expenditure.
Speaking at a People’s National Front (PNF) gathering on Thursday night, Yameen said the proposed MVR 64 billion budget for next year is unrealistic, as projected revenue stands at only MVR 40 billion, leaving a deficit of MVR 24 billion. He described the shortfall as “illusory” figures that cannot be achieved.
Yameen said most of the budget is allocated to salaries, pensions, and recurrent expenses rather than development projects. He added that the government has a need to print money to manage operating costs this year and will have no choice but to continue doing so in 2026.
He warned that further money printing would depreciate the Maldivian rufiyaa and drive up the dollar rate, which he said has already exceeded MVR 20 per dollar in the unofficial market.
Yameen also said no major projects would be implemented next year, adding that the figures show no viable way to raise more revenue or taxes, and that continuous money printing would only worsen the country’s economic situation.
Speaking at a People’s National Front (PNF) gathering on Thursday night, Yameen said the proposed MVR 64 billion budget for next year is unrealistic, as projected revenue stands at only MVR 40 billion, leaving a deficit of MVR 24 billion. He described the shortfall as “illusory” figures that cannot be achieved.
Yameen said most of the budget is allocated to salaries, pensions, and recurrent expenses rather than development projects. He added that the government has a need to print money to manage operating costs this year and will have no choice but to continue doing so in 2026.
He warned that further money printing would depreciate the Maldivian rufiyaa and drive up the dollar rate, which he said has already exceeded MVR 20 per dollar in the unofficial market.
Yameen also said no major projects would be implemented next year, adding that the figures show no viable way to raise more revenue or taxes, and that continuous money printing would only worsen the country’s economic situation.
