Maldives estimates MVR 50b budget for 2024
The medium-term fiscal strategy report notes that the estimated MVR 50 billion budget for next year is 5.3% higher than the previous forecast.
The state budget could reach MVR 50 billion next year, the finance ministry said.
The finance ministry, in its statement informing the state’s medium-term fiscal strategy submitted to the parliamentary finance committee, noted that a budget of that amount is estimated for next year after considering baseline expenditure, cost-cutting measures, and new projects and programmes.
Although the fiscal strategy estimates a budget of MVR 50 billion, the total amount of the budget for next year will be revealed when the ministry presents the budget to parliament before the end of November. The parliament has approved a budget of MVR 42.8 billion for this year.
The medium-term fiscal strategy report notes that the estimated MVR 50 billion budget for next year is 5.3% higher than the previous forecast.
The report further states:
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Expenditures will reach MVR 48 billion next year
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The total budget deficit will be MVR 9.8 billion; This is 8.5% of the state's per capita income
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With austerity policies, government spending will be reduced to MVR 44 billion
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In the medium term, expenditure will increase at an average of 0.5% per annum
The report noted that changes in revenue and expenditure policies are expected to reduce the overall deficit and raise the primary balance of the budget.
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MVR 13.4 billion is expected to be raised to finance the budget next year
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The debt repayment costs next year are relatively low, but the total budget deficit is higher in the medium term than in other years
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Disbursements for projects carried out under loan financing will increase next year
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The ministry plans to raise MVR 6.1 billion by selling T-bonds in the domestic market next year
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