The Government has proposed a state budget of MVR 36.9 billion for next year amid renewed confidence in the economy as the country gains stability after COVID.
Finance Minister Ibrahim Ameer announced the budget for next year at today's parliamentary session.
In his speech, Minister said the budget before the parliament was inspired by the grit and tenacity shown by the general public and the business during the worst of the COVID-19 pandemic and that the government aims to fulfill its pledges with this budget.
The Minister noted that the country's economy has stabilized as it has achieved most of the targets set.
He highlighted that the country had celebrated the arrival of the 1 millionth tourist into the country a few days back and that international rater, Fitch Ratings increase its ratings for the country and said that the economic outlook for the Maldives is currently stable.
Minister had said that the 36.9 billion budget set for 2022 includes MVR 24.28 billion as revenue and free aid. He said that 63 percent of this would come from taxes while 25 percent comes from non-tax revenues and that 12 percent of the income is free aid.
Minister Ameer said that expenditures for 2022 are forecasted to rise to MVR 34 billion and that this means the budget deficit would be MVR 9.7 billion.
