Dollar shortage crisis cannot be solved overnight- Inaz

Minister of Finance, Ahmed Inaz has said that the dollar shortage crisis is not a trivial issue that can be solved overnight.

Minister Inaz said this replying to the query posed by Vilufushi MP Riyaz Rasheed regarding the work of the Ministry of Finance to solve the dollar shortage crisis so far.

“As I have mentioned previously, there are three key things that should be done in order to solve this major economic downfall. First is to cut down the deficit by balancing the revenue and the expenditure. This in reality is the most important of all. Secondly, the regulations with regards to the dollar market should be strengthened within the scope of the laws already enacted. Thirdly, Dhivehi Ruffiya should be the basis of all business transactions,” the Minister said.

Minister Inaz emphasized that Dhivehi Ruffiya should be the basis of all business transactions within the country without any exception.

Minister Inaz underscored that the dollar shortage problem is did not occur recently but the country faced it from 2005 because of the major financial changes made by the government.

Meanwhile, Ministry of Finance earlier warned there can be serious implications including devaluation of the Rufiyaa if the expenditure on the Government employees is not reduced. IMF has also been sending red signals on the same issue.