State reserves increased to US$344.4 million in July, according to the Maldives Monetary Authority (MMA), a figure worth approximately 2.7 months of imports.
The data was published in the MMA’s monthly economic review for July.
Total government revenue for the first six months of the year, excluding grants, was MVR 5.4 billion (US$350 million) while total expenditure (excluding net lending) was MVR 6.8 billion (US$440 million).
While the 2013 budget projected a decline in the budget deficit to 4 percent of GDP from 13 percent in 2012, the MMA noted that according to balance of payments estimates for 2013, the current account deficit was estimated to increase to US$690.7 million, equivalent to 28 per cent of GDP.
“Of this deficit, 62 per cent is to be financed through foreign financing while 38 per cent is to be financed through the sale of T-bills and other means,” the MMA noted.
Outstanding T-bills had meanwhile increased from MVR 5.5 billion (US$356.6 million) in November 2012, to MVR 9 billion (US$583.6 million) as of May 2013.
Total tourist arrivals meanwhile increased 18 percent on the first half of 2012, largely driven by Chinese arrivals, while the average duration of stay declined 12 percent.
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Shortly, that figure should rise to over US$600 million. Waheed was promised US$300 million by the generous brothers of Saudi Arabia, which should be here any day now.
So, outstanding T-bills now stand at more than half a billion dollars! Sheesh! And this is for a country of less than half a million people and the vast majority of them do not even have access to running water or sanitation. Nice work.
Soon to be paid to GMR for breach of contract.
What does "state reserves"? Gross? Net? Big difference there.
With the deficit being finance from borrowed money from overseas,foreign debt increasing year by year, with no outlined payback date at to see. So where is the Maldives headed.
A small but positive sign.
With Saudi cash, comes mullarization. More hate-preachers will be recruited, more dawahganda mosques will be built, more terrorists will be recruited. Mashallah. Rise of the theocracy.