The economic impact of the global Novel Coronavirus (2019-nCoV) pandemic can only be observed within two to three months, says Minister of Finance Ibrahim Ameer.

The minister said this after being presented to the People's Majlis for questioning on Wednesday. Responding to a question by MP for Hoarafushi constituency Ahmed Saleem, Ameer stated that the country's economy will experience the effects of the wide-spreading Novel Coronavirus (2019-nCoV) coming out of China. The minister further stated that experts predict global economic implications due to the outbreak.

Hence, state revenue is expected to fall but the clear economic impact can only be observed after two or three months, said the minister.

Nevertheless, the minister guaranteed that no changes will be made to any Public Sector Investment Program's (PSIP) set for 2020 and that these projects will be carried out as planned.

Highlighting that China is one of the world's economic superpowers, the minister noted that any impact on China's economy will have negative consequences for economies of other countries as well.

Moreover, the minister disclosed that the finance ministry has instructed all government bodies to reduce state expenditure with special emphasis on decreasing recurrent expenses as a safeguard against the economic effects of the outbreak.