by Uditha
COLOMBO
nike air force 270 usa for sale , Nov. 25 (Xinhua) -- Newly elected Maldives President Abdulla Yameen is attempting to put his country's finances in order by reducing the salaries of State run organizations as the Indian Ocean group of islands attempts to cope with high levels of debt.
The Maldives government has decided to direct companies owned by the government and companies with majority government shares to reduce the salary of their top executive officers, below the salary of government ministers.
President's Office said in a statement that President Abdulla Yameen has communicated the decision via letter to Finance Minister Abdulla Jihad on Monday.
President's Office in the letter also instructed the Finance Minister to report back with the implementation of the decision by Dec. 3.
Yameen won a long drawn out and expensive presidential election that lasted nearly three months on Nov. 16. One of his promises was to deal with crippling government debt that is around 80 percent of Gross Domestic Product (GDP).
Yameen has also promised to reduce his salary as president along with those paid out to high ranking members of government and take a tough stand to stomp out corruption. However, cuts to his expenses are yet to be announced.
The Maldives lucrative tourism industry
nike air force 270 black gold for sale , which accounts for as much as 70 percent of GDP, has taken a hit due to global financial difficulties resulting in fewer high spending tourists.
According to the International Monetary Fund's (IMF) latest report on the Maldives famous for its pristine beaches, the economy only grew by 3.5 percent in 2012.
A modest recovery is forecast for 2013 and beyond but balance of payments continues to be weak
nike air force 270 gold standard for sale , with the current account deficit forecast at nearly 30 percent of GDP this year.
Gross international reserves have been declining slowly and could be more substantially pressured if major borrowings maturing in the next few months are not rolled over.
"The most pressing macroeconomic priority for Maldives is strengthening government finances, which have been weak for many years. The fiscal deficit is expected to rise in 2012 to 16 percent of GDP in cash terms, and likely even higher if one accounts for the government's unpaid bills
nike air force 270 mens black hyper jade for sale , accumulated in an increasingly challenging environment for financing."
"The large deficit has implied a rise in the public debt ratio, which now stands at over 80 percent of GDP, and has also helped to boost national imports
nike air force 270 hyper jade for sale , thus worsening dollar shortages in the economy and putting pressure on reserves," the IMF report points out.
Analysts point out that the tourism industry is given generous tax concessions that reduce space for the government to provide funding for essential social benefits such as healthcare and education.
The IMF agrees insisting while Maldives has relatively strong revenues overall, there is scope to increase tourism taxation and selectively reverse recent duty reductions.
Social service programs concentrating on handouts would be better utilized if they are targeted only at the needy and would reduce government expenditure.
"Tighter monetary policy would help to support the exchange rate and the needed external adjustment. Higher Treasury bill yields
nike air force 270 red white for sale , in conjunction with some technical changes to the monetary operations framework, may also help to ease the government's financing difficulties," the IMF recommends.
There is also concern over inadequate policing of State funds with little being done to stem corruption and mismanagement of resources. Policies that provide too much leeway for foreign funds to flow outside the conventional banking system was also highlighted by the IMF.
"Financial supervision could be strengthened and recent regulatory forbearance relating to provisioning requirements reversed. Finally
nike air force 270 ream red for sale , resorts' foreign-exchange licenses could be restricted to small-value amounts to help channel dollars through the formal banking system."
Maldives financial situation continued to decline after former President Mohammad Nasheed was ousted from power in an alleged coup in February 2012.
His replacement, President Mohammad Waheed was accused of increasing State expenditure and financial deals that were never properly investigated until he was voted out of power to make way for Yameen.
Local media reported as early as May 2012 on Maldives economic woes.
"The Maldives is now in a dangerous economic situation never before seen in recent history," local media quoted Governor of the Maldives Monetary Authority (MMA) Fazeel Najeeb as saying.
"Expenditure in the country has exceeded income
nike air force 270 black purple for sale , and as a result the budget deficit is increasing. From November 2010 inflation has also been going up," he added.
The country last year spent 63.1 percent of its GDP on state expenses, Najeeb claimed
nike air force 270 carnivore for sale , adding that only four countries had worse percentages, including Cuba and Zimbabwe.
Yameen has taken tentative steps to deal with the growing economic worries of the Maldives but tougher action will have to be taken to reduce State expenditure, fast track reforms
nike air force 270 medium olive mens for sale , reduce corruption and increase income to battle debt.
This will be the biggest challenge ahead for the newly elected president.
Related:
At this moment there is your website ready to go upwards at this point you need to get customers for the web site. How does one repeat this not having extra cash perhaps you may you can ask? Taking this approach method indicates you simply won’t turn out to be to spend still you’ll have to make investments the effort within developing this kind of targeted traffic. Undoubtedly tips everyone initiated.
1. Article writing for profit.
Article posting can be a wonderful way to find 100 % free customers to the weblog nonetheless you will not regret materialize in a single day. The facts here’s taking continuous motion .
NFL Jerseys China NBA Jerseys From China Cheap MLB Baseball Jerseys Wholesale Authentic Jerseys Wholesale Jerseys From China Wholesale NFL Jerseys Wholesale NCAA Jerseys New MLB Jerseys China Wholesale NFL Jerseys China Nike NFL Jerseys China
Konu Seçenekleri
