Attorney General Ahmed Usham has unveiled the government’s strategy to address the ongoing dollar shortage by amending existing laws. Speaking at a press conference at the President’s Office, Usham outlined the measures being taken to alleviate the current economic crisis affecting the Maldives.

To bolster the country’s dollar reserves, the cabinet has decided to implement several key reforms. Usham revealed that the government plans to amend certain laws and introduce new regulations to increase the inflow of dollars into government coffers. This includes the introduction of taxes payable in dollars and changes to the Maldives Inland Revenue Authority (MIRA) laws to enhance revenue collection.

Significant changes are planned, including the implementation of corporate income tax and import tax payments in dollars for businesses that earn revenue in foreign currency. Additionally, amendments to the pension law will require companies that pay salaries in dollars to also make pension contributions in dollars.

These legal reforms aim to address the critical shortage of dollars and stabilize the country’s economic situation. The government’s approach includes making it mandatory for banks to restrict foreign transactions on debit and credit cards linked to Rufiyaa accounts. This measure, however, was recently overturned by Bank of Maldives Limited (BML) based on recommendations from the Maldives Monetary Authority (MMA).