Maldives Inland Revenue Authority (MIRA) has revealed the state has received a record amount in revenue in US dollars in the past five months due to the development of the tourism sector.
Statistics published by MIRA show the state received USD374 million in USD revenue between January and May. The second highest amount was received in the same period in 2019, which was USD293 million.
The state receives its US dollar revenue directly from the tourism sector and the increase in revenue shows the development of tourism-related businesses, despite the decrease in tourist arrivals from some markets following the Russia-Ukraine conflict. Additionally, the government has reiterated that the country’s economy is recovering and that its debt management strategy will not halt development.
The statistics also show the state received the highest amount of revenue from Tourism Goods and Services Tax (T-GST) in the past five months, which was USD234 million. The amount reveals that the country’s economy and Gross Domestic Product (GDP) are on a positive path.
Minister of Finance Ibrahim Ameer has said the economic progress achieved by the Maldives post-pandemic is the result of continuing economic activities. He noted that the GDP of the country is growing along with state income, with the economy expected to return to pre-pandemic levels by the end of the year.