Minister of Finance Ibrahim Ameer has stated that there is no issue in managing the government’s cash flow while implementing the state budget. He made the remark at a meeting with the Parliamentary Committee on Public Accounts.
During the meeting, Minister Ameer provided information on the government’s debt strategy for 2023-2025 and cash flow plan and said that the government is focused on economic development. He detailed that the Gross Domestic Product (GDP) grew by 7.5% in 2019 and then contracted by 33% in 2020 before bouncing back by 42% in 2021 and then by 12% in 2022. He added that the economy is expected to grow by 7.6% this year.
Additionally, Minister Ameer said that inflation will remain stable as the expected rate of inflation this year was 5.4% but the current rate is 3.9%. He assured that the government will be able to manage cash flow while implementing the initiatives in the state budget. He noted that the expected revenue from the tourism sector is 4% higher while the tax revenue is at 30%, meaning that the amount received in state revenue in 2023 would be higher than expected.