Maldives to settle vendor bills, offer payment plans amid fiscal challenges
President Mohamed Muizzu has announced a series of measures to tackle the Maldives' fiscal and monetary challenges. The government will implement a structured payment plan and other options to settle outstanding bills to private companies, prioritizing the oldest invoices.
A payment plan will be offered for bills below a certain threshold, with a separate fund maintained to pay these vendors. For larger outstanding amounts, the government will offer three options:
The government will offer the opportunity to convert outstanding payments into Treasury bonds (T-bonds).
Vendors interested in renting land will be given land equivalent to the amount due.
Offsetting payments from the taxes owed to the Maldives Inland Revenue Authority (MIRA).
Additionally, a task force will be formed to enhance the recovery of state dues and explore additional short-term loan options.
