Minister of Finance Ibrahim Ameer has revealed the government expects to receive USD 1.6 million in state revenue for 2022.
He made the statement in a meeting with the Parliamentary Committee on Public Accounts to disclose the fiscal and debt strategies of the government.
In the meeting, Minister Ameer said the aim of the state budget is to control the current debt and finances in accordance with the changes incurred in the fiscal situation of the country. He also provided details and statistics for the proposed state budgets from 2022 to 2024.
USD 2.6 billion dollars have been allocated for the 2022 state budget, in which USD 1.5 billion dollars have been allocated as recurrent costs, and USD 721 million have been allocated for capital costs, according to the statistics. Additionally, USD 34 million has been allocated for new government projects under the new policy initiatives.
The statistics also show USD 488 million has been allocated for the Public Sector Investment Programme (PSIP) and USD 89 million has been allocated for grants to local councils. A total of USD 2.3 billion has been allocated for spending in the proposed state budget for 2022, while the remaining amount has been allocated for repaying loans.
From the USD 1.6 billion in revenue the state expects to receive in 2022, USD 1 billion come from tax revenue, and USD 363 million come from non-tax revenue. The government is also expected to receive USD 151 million from free aid and USD 89 million from new revenue measures.