President-elect Dr. Mohamed Muizzu has revealed his intention to not allow the state budget to exceed USD3.2 billion next year.
Regarding the proposed USD3.2 billion state budget for 2024, Spokesperson Mohamed Firuzul said the Office of the President-elect had a limited opportunity to shape the budget. However, President-elect Muizzu instructed the government to be more careful in spending and formulate the budget in such a way as to reduce expenditure. He said that the President-elect aims to not exceed the USD3.2 billion budget in view of the financial challenges facing the country in the medium term and to reduce the gap between public debt and state revenue.
As such, Spokesperson Firuzul said that the new administration will implement plans that would not lead to the government having to propose a supplementary budget next year. In addition, the President-elect's Office has requested the Parliament to expedite the process of approving the 2024 state budget, expressing concern that the work has come to a standstill.