2023 budget is a credible roadmap, finance minister says
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By
Ahmed Mizyal
Finance minister Ibrahim Ameer on Monday said that the budget presented by the government for next year is credible and is based on experience.
Ameer presented the budget in the parliament on Monday:
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Total budget is MVR 42.68 billion
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Revenue and grants are estimated at MVR 32 billion
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Budget deficit will stand at MVR 8.4 billion in 2023
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This is a deficit of 8.1% in terms of productivity or GDP
While presenting the budget, Ameer said that the Maldives is in the midst of various global economic challenges. Next year's budget will be based on positive experiences from the past, he said.
"Budget 2023 is a reliable roadmap based on positive experiences from the past; a document that can provide an adequate solution," he said.
"[Next year's budget] is a plan that the government can sustain in its unstinted support to the people's well-being, social well-being and safety."
While presenting the budget, Ameer said he believed that there were a lot of concerns among the people about what was happening in the world:
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Concerns about the economy and the country's fiscal situation
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Talk of rising public debt and a big blow to the country’s economy
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Concern over rising prices of essential commodities
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Complaints of non-availability of basic amenities and inadequate quality of services
In 2023, the country's economy is expected to surpass pre-Covid-19 levels. This is a positive result of the government's Covid-19 response measures.
The minister said the concerns, the current situation in the country, and what needs to be done next are very clear.
"Our priority is to take on these challenges and maintain the country's economic stability and growth on a sustainable path. To bring forward what can revolutionise and transform the country's economy. To improve the quality of services in providing basic amenities to the people of the country," he said.
Economy likely to return to pre-Covid level
Noting that the global economy is facing a crisis, Ameer said the country's economic policies have been framed based on that, keeping economic growth and survival in mind.
"In this context, in 2023, the country's economy is expected to surpass pre-Covid-19 levels. This is a positive result of the government's Covid-19 response measures," he said.
The government's policy at that time was to completely recover from the Covid-19 situation as soon as possible.
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Enhanced the capacity of the country's health sector
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Maldives became a global success story in testing and vaccination
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The country set an example for the world in controlling and managing the disease
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After all these efforts, the country's borders were opened and the economy was run
The minister said the country's economy grew at 41.7% at the end of last year. Pointing out that this was much higher than what was announced in the 2021 budget statement, the minister said the reason for this was that the country's economic output was higher than what was estimated at that time.
"The recovery of the economy will continue to be robust this year as well. The country's economy is expected to grow at 12.3% this year. In 2023, the country's economy is expected to grow at 7.6%," the minister said.
