Projected state budget for 2023 to be submitted during Monday's Majlis sitting

The projected state budget for 2023 is to be submitted to the People’s Majlis during Monday’s sitting.

The Ministry of Finance has confirmed that Finance Minister Ibrahim Ameer will be submitting the projected state budget for 2023, during Monday’s sitting.

According to Article 96(a) of the Maldives Constitution, the finance minister is required to submit a budget containing the projected revenue and expenditures for the year for approval of the People’s Majlis, alongside a statement of the actual revenue and expenditures for the preceding year, before November 1 at the latest.

Article 211 of the People’s Majlis guidelines reiterates the same.

Earlier, Minister Ameer revealed the decision to submit a budget of MVR 41.5 billion for the upcoming year as efforts are underway to prepare the budget.

However, the ministry revealed that changes may be brought to the final figure following police-level dialogues and that the biggest aim is to submit the upcoming year’s state budget in accordance with a fiscal strategy.

Ameer revealed that maintaining the budget for the upcoming year at MVR 41.5 billion was the fiscal strategy.

The minister went on to note that the main aim for the fiscal policy for 2023 – 2025 has been set to improve the state’s monetary situation and sustain the fiscal and debt maintenance.

The finance minister earlier revealed that the economic situation in Maldives is “better” than previously anticipated and that there are presently no concerns that the nation will not be able to pay its debts.

As such, the minister noted that the economy has improved since the Covid-19 pandemic and that the state's revenue has been improving. He also highlighted that the plans to lower the debt in relation to GDP are being achieved, adding that the incumbent administration’s plans for the next year include managing the state budget without depending on foreign grants.