Statistics published by Maldives Monetary Authority (MMA) has showed that last year alone, expatriate employees had sent abroad MVR 5 billion abroad.
The state budget does not amount to MVR 25 billion; an amount like this is one-fifth or 20 percent of the whole state budget.
Statistics of this nature cannot be fully verified, due to statistical anomalies. Nevertheless, even if the figure stood at MVR 8 billion, it is still a formidable figure, accounting for one-third of the budget.
Experts had expressed concerns over the state and resilience of the economy in light of the new information. The experts added that this is not a new issue, but one that has been building up over the years.
Three governments had ruled since 2008. Every subsequent Government since 2008 had, either directly or indirectly, levied the blame on the economic mishaps of the 30 year tenure of former President Maumoon Abdul Qayyoom. But the core question we have to ask is whether the blame game would serve any good, without instilling any policies to rectify the issues.
This issue cannot be resolved with a job fair or a training session. The issue shows the underlying societal and economic issues and causes. Unless the issue is addressed at the core, this pressing issue to the economy cannot be resolved.
Transfer of MVR 5 billion annually is deeply concerning for the economy
