Finance Minister Ibrahim Ameer says the proposed state budget for 2022 includes a total of MVR 8 billion on economic affairs and development.
Earlier today, the Minister had proposed a lofty budget of MVR 36.9 in front of the parliament and had said that the ministry forecasts a government revenue and expenditure of MVR 24.3 billion with Tax revenues the majority component.
He also said that an expenditure of MVR 34 billion is proposed for 2022 and that this would incur a budget deficit of MVR 9.7 billion.
The proposed state budget has allocated MVR 8 billion for economic affairs. The budget said that most of the expenditure in this sector is allocated for economic diversification, labor affairs, and the development of the private sector. This includes MVR 3.4 billion for the mentioned sectors.
The budget also outlines that MVR 2.4 billion is allocated for the transport sector.
In a further breakdown of the budget set for this sector, it was revealed that the government has set aside MVR 633 million for the Greater Male' Connectivity project, the biggest infrastructure project undertaken in the country.
Meanwhile, the government had allocated MVR 561 million for the Velana International Airport project and MVR 540 million to make electricity cheaper.
