Minister of Finance Ibrahim Ameer has submitted the proposed USD 2.4 billion state budget for 2022 with the inclusion of over 90% of the government's pledges.
Presenting the State Budget 2022 to the Parliament of the Maldives, Finance Minister Ameer said the budget includes over 90% of projects and programmes needed to fulfill the pledges of the government. He said the government has completed 671 projects already and 497 projects are currently ongoing. He added the Maldives has begun recovering from the economic crisis following the COVID-19 pandemic.
The government has allocated USD 2.2 billion for expenditure and USD 200 million for debt repayment in the proposed state budget. Ministry of Finance estimates the state will receive USD 1.5 billion in revenue, which is a 23% increase compared to the state revenue received so far this year.
Furthermore, the state is expected to receive USD 971 million in tax revenue, USD 388 million in non-tax revenue, and USD 188 million in aid in 2022. Around USD 842 million is needed to finance the proposed state budget for 2022, including USD 628 million for the budget deficit, USD 188 million to repay loans, and USD 50 million for the sovereign development fund.
The government also expects to receive USD 486 million in revenue from outside sources and USD 382 million from internal sources in 2022. As such, the government plans to sell USD 200 million in treasury securities abroad and receive USD 50 million from innovative financing instruments.
Speaking about the state budget, Minister Ameer said the 2022 state budget has been formulated with the purpose of including crucial government projects and making public services more efficient. He said the proposed budget also prioritises fulfilling government pledges and the expectations of the people while also overcoming the economic crisis from the COVID-19 pandemic.