President Dr. Mohamed Muizzu has decided to formulate a medium-term revenue strategy and a policy to reduce costs and increase revenue.

The President's Office said the decision was taken on the recommendation of the Cabinet after discussing the paper submitted by the Ministry of Finance at a cabinet meeting held on Sunday.

The President's Office also decided during Sunday's cabinet meeting that a sub-committee of the Cabinet would take up the steps to be taken to diversify the country's economy and increase revenues.