The government has decided to increase the Airport Development Tax and Green Tax to increase foreign exchange earnings to pay the debts in 2025.

Finance Minister Mohamed Shafeeq was responding to questions raised by members of the Finance Committee on the Quarterly Debt Bulletin, Fiscal Strategy Statement and Medium-Term Debt Strategy Statement while he made the statement.

Replying to questions from members at today's meeting of the Finance Committee, the minister said the government has no intention of increasing taxes related to the common people.

However, the minister said the biggest concern facing the government is the increase in external debt in 2025 and 2026. He said fiscal reform measures should be implemented immediately to stabilize the situation and increase debt sustainability.

The government's external debts have to be paid in dollars, he said, adding that the government's intention is to raise revenue in dollars as part of the fiscal reform measures to increase government revenue.

In order to increase revenue, the airport development tax, duty on unhealthy products and green tax will be reviewed and increased, he said. They also include increasing various activities for the economy, reviewing the GST Administration Act and expanding the tax base.

The minister said the debt will be repaid in a lump sum of USD 100 million by 2025 and with other debts, a total of USD 500 million will be repaid that year.

In addition, by 2026, a lump sum of USD 500 million will be paid, bringing the total debt to USD 1 billion, he said.

He plans to make changes to revenue-raising policies, including increasing the amount of dollars deposited into the Sovereign Development Fund, to facilitate the repayment of those debts without the state going bankrupt.

That is why the taxes on dollars will be increased.