Economy will expand 3-fold on project completion: Ameer
Ameer made the remarks while speaking on the upcoming budget in parliament.
Finance minister Ibrahim Ameer said on Wednesday that the country's economy will expand three-fold after the completion of major projects undertaken by the government.
Ameer made the remarks while speaking on the upcoming budget in parliament. The minister arrived in parliament on Wednesday to answer questions and statements raised by the members during the ongoing budget debate in parliament.
Ameer said the last four years have seen one of the biggest economic crises in the country's history. He blamed it on the Covid-19 pandemic and the turmoil stemming from the Ukraine-Russian war.
Despite these challenges, infrastructure projects being carried out in all parts of the country, he said, adding that the government is committed to taking the country's economy to new heights.
"In our budget for 2023, we have proposed MVR 8.4 billion for public sector investment projects. Of this, around MVR 4.2 billion is already funded projects," he said.
The ongoing projects to expand the country's economy are:
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Development of HDh. Hanimaadhoo International Airport
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Development of Addu Gan International Airport
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Water and sanitation facilities in all islands of the country
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Thillamale bridge
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Relocation of Male commercial port to Gulhifalhu
"I would like to point out that all these efforts are being made to expand the existing 6 billion economy by another three-fold," he said.
While presenting the budget in parliament last month, Ameer said:
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The country's economy grew at 41.7% at the end of last year
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Economy to grow at 12.3% this year
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Economy expected to grow at 7.6% next year
Budget 2023
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MVR 42.68 billion to be spent
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Revenue and grants are estimated at MVR 32 billion
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The budget deficit for the year is expected to be MVR 8.4 billion
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This is a deficit of 8.1% in terms of GDP
