The Proposed State Budget for 2024 shows that the incumbent government of President Ibrahim Mohamed Solih has allocated MVR 118 million for housing projects next year.
The Finance Ministry submitted its Proposed State Budget for 2024 to the Parliament and later published the details of the budget on its website.
The figures show that the outgoing government has assigned MVR 4.4 billion for housing and community amenities with the majority of the allocation going to Council Block Grants.
The Budget has also room for MVR 20 million to renovate or rebuild councils.
The Budget shows that the government plans to issue MVR 2.2 billion to the Councils as Block Grants to help them fund specific projects and programs.
The government has also allocated MVR 400 million for the reclamation of the Fushi Dhiggaru lagoon.
As for housing, the State Budget promises MVR 118 million for housing projects across the country. It also includes another MVR 286 million for Social Housing overseen by the Fahi Dhiru Ulhunn Corporation FDC.
The Proposed Budget for 2024 is MVR 49.5 billion of which Total Expenditure is MVR 47.3 billion. The government is expected to receive MVR 33.5 billion as Revenue and Grants in 2024. The Budget Deficit for 2024 is 13.8 billion, amounting to 12.0 percent of GDP.
