Finance Minister Moosa Zameer announced that the Maldives is preparing cost-cutting measures in response to rising oil and gas prices due to the U.S.-Israel attack on Iran. The proposal will be submitted to President Dr Mohamed Muizzuwithin the coming week, the minister stated.

Speaking at a press conference, Minister Zameer said the country currently has sufficient stocks of essential goods, including fuel and food. However, he warned that even if the conflict ends soon, its economic impact could last four to five months.

To manage the situation, the Finance Ministry is reviewing areas to reduce expenditure and develop a financing strategy. Early steps already underway include limiting overseas travel and pausing new hiring.

Further details of the plan are expected to be released soon.