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Subsidy budget has been depleted by half

Lamya Abdulla
23 May 2022, MVT 13:46
(FILE) Finance Ministry building -- Photo: Mihaaru
Lamya Abdulla
23 May 2022, MVT 13:46

Most of the money allocated for subsidies in 2022’s state budget has already been spent.

According to statistics released by finance ministry, 62 percent has been in the first five months of 2022. MVR 825 million was budgeted for this year. As MVR 500 million have already been spent, only MVR 300 million is now left for the remainder of the year.

This year’s budget also provided subsidies in various areas, both directly and indirectlym to maintain the price of public services. Indirect subsidies outnumber the direct subsidies.

Important subsidies

MVR 254 million for transport

MVR 15 million for waste management

MVR 340 million to control fuel prices

MVR 540 million to control electricity prices

MVR 284 million to control staple goods

The money set for transport is given to Maldives Transport and Contracting Company (MTCC) that provides public transport services. The subsidy allocated for fuel is given to State Electric Company Limited (STELCO).

MVR 1.4 billion was allocated from the state budget for subsidies and welfare.

Funding received from other parties for social security has been included in the budget for 2022 as well. This includes MVR 363 million set to provide social security to the underprivileged, single parents, people with special needs and other needs.

Over MVR 13 billion from the state budget of MVR 37 billion has been spent in the past five months.

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