President Ibrahim Mohamed Solih has held a meeting with parliament members of the Maldivian Democratic Party (MDP) to discuss the state budget for next year.
At the meeting, President Solih and parliament members of the ruling party discussed the government projects planned for next year and the estimated state revenue. They also discussed how specific points in the state budget could be used to fulfil the pledges of the government. Around USD 2.4 billion have been allocated for the proposed state budget for 2022.
Ministry of Finance has estimated the state will receive USD 1.5 billion in revenue next year, including USD 952 million in tax revenue and USD 343 million in non-tax revenue. The state is also expected to receive USD 142 million in free aid and USD 84 million as part of the new revenue measures to be implemented next year. The aim of the proposed state budget for 2022 is to control the debt in accordance with the financial and economic situation, stated finance ministry.
The government has decided to implement new policies to significantly reduce the budget deficit in the next two years.