Next year’s budget to be the first to follow IMF guidelines: Gov’t

Deputy Minister at the Ministry of Finance Ahmed Saeed Musthafa has stated that next year’s state budget will be the first to be prepared in accordance with the International Monetary Fund (IMF) guidelines. Speaking at the latest rally of the main ruling People’s National Congress (PNC) , Deputy Minister Saeed highlighted the key differences between the budgets proposed by previous governments and the one presented by the current administration for the upcoming year. He emphasized that this year’s budget will be the first to follow the IMF’s government finance statistics, a change expected to save approximately USD 454.6 million next year. Saeed explained that significant technical work had gone into preparing the budget, which focuses on innovative strategies to increase revenue without burdening the public. He noted that the most notable shift in the upcoming budget is the systematic approach to controlling expenditure, ensuring that government spending is directed in a way that benefits the people. While previous administrations had attempted to reduce expenditure, those measures were not fully implemented. This year’s budget, however, includes these measures, with the full support of the President. The Deputy Minister also stressed that the new budget aims to uphold social justice principles, ensuring that when expenditures are cut, the most vulnerable populations are prioritized.