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State revenue exceeds expenditure by USD 38 million in January

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The Ministry of Finance has reported that state revenue surpassed state expenditure by USD38 million in January 2024.

The latest Weekly Fiscal Development Report released by the finance ministry show that the Maldives received a total of USD227 million in revenues and grants in January. Meanwhile, total expenditure amounted to USD188 million during the same period. Despite the surplus, this year’s revenue intake was lower compared to the period last year, when the country received USD270 million.

The report shows that USD208 million was generated from tax revenue, USD21 million from non-tax revenues, and an additional USD162,000 in grants. Tax revenue primarily comprised import duties, Business and Property Tax (BPT), and Goods and Services Tax (GST).

Meanwhile, expenditure for January this year was USD188 million, significantly lower than the USD318 million recorded in the previous year. The reduction reflects a substantial decrease in government spending. Of the total expenditure, USD162 million was allocated for recurrent expenditure, covering USD71 million for salaries and wages, and USD91 million for administrative and operational expenses. In addition, USD29 million was designated for capital expenditure, primarily focusing on structural development projects.

Source(s): PsmNews

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MDP fails to defend several seats in parliament

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The Maldivian Democratic Party (MDP) has suffered a huge defeat in the parliamentary elections. MDP has lost many of the seats it has been defending for years. As such, MDP has lost many constituencies they held as ruling party and as the opposition.

As such, MDP lost the seat held by Former President Ibrahim Mohamed Solih for 25 years until he became president which was then preceded by the incumbent parliamentarian Jeehan Mahmood. The seat is led by the candidate who contested from the ruling coalition, People’s National Congress (PNC).

The sitting Speaker of Parliament, Mohamed Aslam, was elected to Parliament with the highest number of votes in the history of Parliament and is a very proficient politician. As per the counted voted, Aslam is set to be defeated by PNC’s candidate.

Hithadhoo Central constituency is also a seat that MDP has been defending. However, journalist Ahmed Azaan won the seat, defeating the MDP candidate and the current Deputy Mayor of Addu City.

In addition, the MDP may face losses in seats in famous constituencies. Preliminary results show that the MDP has suffered a huge defeat. However, this result may change.

Source(s): PsmNews

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PNC secures a supermajority in Parliament

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The main ruling People’s National Congress (PNC) has secured a supermajority in the Parliament, winning over 60 seats.

Over 200,000 Maldivians voted in the parliamentary elections held on Sunday, in which 326 candidates contested for 93 seats in the next parliamentary assembly, including six news seats.

The ruling party’s candidates ran for 90 seats. The candidates who ran in the elections also includes 89 candidates from Maldivian Democratic Party (MDP); 39 candidates from the Democrats; 10 candidates from Jumhoory Party (JP); four candidates from Maldives Development Alliance (MDA); four from Adhaalath Party (AP); two from Maldives National Party (MNP); and 130 independent candidates.

The preliminary results show PNC won over 60 seats, which is roughly two-thirds of total seats.

This does not include the independent candidates who contested with the party’s backing, as well as candidates from MNP and MDA – two parties allied with the ruling coalition.

In the 2019 elections, the then-ruling MDP won a supermajority, with 64 seats. Meanwhile, the then-opposition PPM-PNC coalition won just eight.

And in the 2014 elections, the then-ruling PPM won the majority.

The only ruling party which failed to get a majority was MDP, which was during the 2009 elections.

Source(s): sun.mv

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President casts ballot in parliamentary election

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President Dr. Mohamed Muizzu has cast his vote in the parliamentary elections.

President Muizzu cast his vote at a polling station based in Thaajuddeen School. Following his vote, he urged the public to exercise their right by voting promptly.

The Election Commission of the Maldives (ECM) revealed that the voting will take place between 0800hrs to 1730hrs, highlighting that voting commenced promptly at nearly all polling stations on time.

In the current parliamentary elections, the ruling party People’s National Congress (PNC) led by President Muizzu has nominated candidates to contest in 90 constituencies.

Source(s): PsmNews

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