The government is to implement a policy on cost reduction, revenue growth, and a medium-term revenue strategy.

This was announced by the President’s Office on Tuesday, following a meeting President Dr. Mohamed Muizzu held with his Cabinet of Ministers.

The decision stemmed from detailed discussions held on a paper presented by the Ministry of Finance.

The policy is to revolve around methods of cost reduction, revenue growth, and a medium-term revenue strategy.

In addition to implementing this policy, President Muizzu has also assigned a cabinet sub-committee to oversee and facilitate efforts to diversify the economy of the island nation.

The cabinet sub-committee will also be tasked with exploring avenues for revenue growth.

Further details of the work linked towards the implementation of this policy, were not disclosed.