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Viewing cable 08COLOMBO1075, MALDIVES 2009 BUDGET PRESENTED; 2008 DEFICIT INCREASES

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Reference ID Created Released Classification Origin
08COLOMBO1075 2008-11-28 05:57 2011-08-25 00:00 UNCLASSIFIED Embassy Colombo
VZCZCXRO1249
RR RUEHLMC
DE RUEHLM #1075/01 3330557
ZNR UUUUU ZZH
R 280557Z NOV 08
FM AMEMBASSY COLOMBO
TO RUEHC/SECSTATE WASHDC 8986
INFO RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEHNE/AMEMBASSY NEW DELHI 2429
RUEHKA/AMEMBASSY DHAKA 1164
RUEHIL/AMEMBASSY ISLAMABAD 8163
RUEHKT/AMEMBASSY KATHMANDU 6379
RUEHKP/AMCONSUL KARACHI 2411
RUEHCG/AMCONSUL CHENNAI 8812
RUEHLMC/MILLENNIUM CHALLENGE CORPORATION
UNCLAS SECTION 01 OF 02 COLOMBO 001075 
 
SIPDIS 
 
STATE FOR SCA/INS AND EEB/IFD/OMA 
TREASURY FOR LESLIE HULL 
 
E.O 12958: N/A 
TAGS: ECON EFIN EAID MV
SUBJECT:  MALDIVES 2009 BUDGET PRESENTED; 2008 DEFICIT INCREASES 
 
REF:  COLOMBO 133 
 
1. (SBU) On November 25, Ali Hashim, Maldives Minister of Finance 
and Treasury, presented the GORM budget for 2009, proposing a total 
expenditure of Rf 13.6 billion (approx. USD 1.1 billion).  Revenue 
is estimated at Rf 7.9 billion (USD 0.6 billion), resulting in a 
deficit of about Rf 5.8 billion (USD 0.45 billion) -- or 32% of GDP. 
 This is the first budget of the government of President Mohamed 
"Anni" Nasheed, who was elected to office on November 11.  However, 
the budget is based, as MOF sources confirm, nearly entirely on 
estimates provided by the previous administration because MOF had 
merely twelve days to prepare before presentation to Parliament. 
 
 
2.  (U) The new government had hoped to present an interim budget to 
cover the first quarter of 2009; however, the constitution did not 
allow interim budgets.  As a result, Hashim has asked parliament to 
approve the current budget and give him permission to present a 
revised budget in approximately three months time.  He underscored 
to parliament that his current budget proposal is not sustainable 
and that revenue projections are too optimistic.  He stressed the 
need for a smaller budget with a smaller deficit.  According to MOF 
sources, one obvious line savings will be government ministries. 
The new government has already reduced the number of ministries from 
21 to 14. 
 
3.  (U) While detailed information on the budget is not yet 
available to post, press reports indicate that Hashim is proposing a 
new corporate tax aimed at raising Rf 225 million (USD 17.5 
million).  He would also like to extend the resort lease period by 
15 years to 50 years, which is expected to raise an additional Rf 
1.2 billion (USD 94 million).  These two proposals will require new 
legislation.  In keeping with President Nasheed's election promises 
to relieve the people of the high cost of living, the budget 
reportedly also proposes to waive duties on essential foods, diesel 
(used primarily for fishing boats) and medicines.  These proposals 
will cost the government Rf 430 million (USD 34 million). 
 
4.  (U) The request for a revised budget in 2009 notwithstanding, 
the government faces a deficit of Rf 5.8 billion (USD 453 million). 
In addition to funding from extended resort leases and corporate 
taxes, Hashim plans to finance the remaining Rf 4.4 billion (USD 340 
million) via foreign borrowing.  The government expects that pledges 
by international donors for loans and grants following the 
establishment of a democratic Maldives will materialize and will 
also contribute to financing the deficit; however, they have not 
been included in the budget. 
 
2008 deficit increases to 
Rf 2.5 billion (USD 22 million) 
-------------------------------- 
 
5.  (SBU) Meanwhile, according to the MOF, the budget deficit in 
2008 will increase to Rf 2.5 billion (USD 193 million, 16% of GDP) 
by year's end from the 2008 budget estimate of Rf 1.5 billion (USD 
117 million, 10% of GDP).  This is a result of several large 
projects, and their resulting fees, failing to materialize due to 
delays. (Note:  The revenue from these projects had been built into 
the 2008 budget.)  In order to reduce expenditures, in August the 
previous administration asked ministries to cutback expenses by 20%, 
which many did by reducing electricity usage, cancelling 
international travel, and other general cut-backs.  On November 25, 
the new government directed ministries not to incur any expenses in 
the coming weeks other than for salaries and essential expenses. 
While there had been expenditure savings, it has not been enough. 
Ever-increasing government expenditures, nearly 70% of GDP in 2008, 
as outlined below must be reduced if the government is to ensure 
macroeconomic stability. 
 
               2007   2008   2008   2009 
                       est   Rev.    est 
In million of Rufiyaa 
 
Revenue         7.7    9.7    8.2    7.8 
 
Expenditure     8.7   11.3   10.8   13.6 
 
Deficit   1.0    1.5 2.5   5.8(a) 
 
Deficit as a 
% of GDP        7.9   10.2    16.0   32.0 
 
COLOMBO 00001075  002 OF 002 
 
 
 
---- 
GDP growth rate 6.6%   9.5%   5.7%   4.5% 
Inflation   7.4%    NA   12.4%   5.5% 
 
(a) Financing requirement excluding revenue from new revenue 
proposals is about Rf 4.3 billion ($340 million). 
 
6.  (U) Post will report additional information on the 2009 Maldives 
budget as available.