Chair of the Parliamentary Budget Committee Mohamed Nashiz has assured that President Ibrahim Mohamed Solih will not allow the Maldives to sink into a debt crisis.
Speaking to PSM News, Budget Committee Chair Nashiz said the proposed state budget for 2023 was formulated to return the economy to pre-pandemic levels, noting that the Gross Domestic Product (GDP) is expected to grow by 12.3% this year and by 7.6% the next year. He said the state revenue should be sustainably maintained between presidential terms, which is why the government made the difficult decision to implement tax hikes.
Furthermore, Nashiz said President Solih has fulfilled many of his pledges, while others are being fulfilled, and projects have been planned next year to fulfill the remaining pledges. He noted that many islands are receiving the benefits of the fulfilled pledges and that next year will also see the commencement of many development projects.
The government proposed a USD2.76 billion state budget for the year 2023. Speaker of Parliament Mohamed Nasheed said the budget will be evaluated from November 11-16 and approved on November 30.