Finance Minister Ibrahim Ameer has revealed that the budget deficit for 2020 will stand at MVR 12 billion.

Speaking at the National Emergency Operation Center press conference, the Finance Minister said that the pandemic is going to bring an economic recession and while the government spending is being cut down by MVR 1 billion, it is expected to be cut down further.

He said that the GDP is also estimated to go down by 5.7 percent or lower this year and the state income would lose MVR 12 billion.

Minister Ameer said that they will be working internally and internationally to acquire aid to cover the deficit and is currently ready to aid from the World Bank.