Auditor General Hussain Niyaz has underscored the crucial importance of good financial reports to effectively implement fiscal reforms.
Speaking at the ceremony held to launch the Maldives Sustainability Reporting Framework, Auditor General Niyaz emphasised the vulnerable financial situation of the Maldives, assuring that efforts are currently underway to overcome this situation. He highlighted the necessity of submitting strong financial reports and auditing financial transactions, in order to reduce costs sustainably. Niyaz revealed that efforts are being exerted to complete significant audit reports by the end of this month, adding that the auditing works related to the government's Financial Statements Report of 2023 is nearing completion.
During the ceremony, the Maldives Sustainability Reporting Framework was launched. This framework was introduced by the United Nations Development Programme (UNDP), in collaboration with the Capital Market Development Authority (CMDA).
The government has been exerting several efforts to improve the financial situation of the economy. As such, it has informed state-owned enterprises (SOEs) to lower expenditures, maintaining good relations with investors, and securing financial assistance from international financial authorities and foreign countries.