The government will announce changes to the subsidy rule this month, Finance Minister Ibrahim Amir said.
Speaking to a local media, Finance Minister Ibrahim Amir said that the rules for providing subsidies to those in need have now been formulated. The minister said he would announce the changes before the end of this month.
The total oil subsidy budgeted for this year is MVR 341.5 million. That is the budgeted amount for the entire year, but as of June last year, a total of MVR 910.3 million has been spent on fuel subsidies due to the multiple increases in oil prices due to the Russian war.
The government now estimates that by the end of this year, the government will have to spend a total of MVR 1.95 billion on fuel subsidies.
In his Independence Day address, President Ibrahim Mohamed Solih highlighted the importance of changing the subsidy policy to make the government's fuel subsidy available to the neediest people.
"The government has embarked on the necessary work to elaborate, organize and implement this change. This is a burden that the Maldives must bear at the moment to reach a healthy, smooth and sustainable economy," he said.
Speaking to a local media, Finance Minister Ibrahim Amir said that the rules for providing subsidies to those in need have now been formulated. The minister said he would announce the changes before the end of this month.
The total oil subsidy budgeted for this year is MVR 341.5 million. That is the budgeted amount for the entire year, but as of June last year, a total of MVR 910.3 million has been spent on fuel subsidies due to the multiple increases in oil prices due to the Russian war.
The government now estimates that by the end of this year, the government will have to spend a total of MVR 1.95 billion on fuel subsidies.
In his Independence Day address, President Ibrahim Mohamed Solih highlighted the importance of changing the subsidy policy to make the government's fuel subsidy available to the neediest people.
"The government has embarked on the necessary work to elaborate, organize and implement this change. This is a burden that the Maldives must bear at the moment to reach a healthy, smooth and sustainable economy," he said.
