President Dr. Mohamed Muizzu has announced a series of measures aimed at reducing government spending as part of the upcoming 2025 budget's economic reform agenda.

In a post shared on social media platform ‘X’ this evening, President detailed that the measures will be implemented for a period of two years, focusing on salary cuts for officials in political positions, government-owned companies, and independent institutions.

The key reforms include a 10% deduction from the salaries of political appointees, as well as a 10% cut for employees of government-owned companies, excluding banks.

President highlighted that the salary cap for company executives will be set at MVR 90,000, a reduction from current structures where some salaries exceed MVR 100,000. 

Additionally, President has planned to request the relevant authorities to impose a 10% deduction on the salaries of heads of independent institutions, judicial officials, and members of Parliament.

However, individuals earning below MVR 12,000 will be exempt from these cuts.

In a significant move, the President also announced that 50% of his own salary will be voluntarily relinquished during this period.

The proposed salary cuts are part of broader efforts to curtail government spending and address fiscal challenges, with the reforms set to take effect once the 2025 budget is presented