Fisheries and Agriculture Minister Dr. Mohamed Shainee has stated that in the past two years Government had managed to reduce the recurrent costs to 60% which was at 80% two years ago. Dr. Shainee, who is also the co-chair of the Economic Council, said that due to this the Government cannot be faulted.
Dr. Shainee said that the Government had always prioritized on cost reduction and that this had positively impacted the economy. He predicted further economic benefits, with the arrival of oil exports from Saudi Arabia. Dr. Shainee said that cheaper oil, will result in cheaper production and expense costs, which will impact the whole of the economy.
Many industry experts had highlighted the issue of high prices of oil as a hamper on the economy.
Recurrent costs reduced to 60%: Dr. Shainee
