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State budget 2023 towards pledge fulfillment: Minister of Finance

Mohamed Rehan
31 October 2022, MVT 16:21
Minister of Finance proposing 2023 state budget at Maldives Parliament on Monday, October 31--
Mohamed Rehan
31 October 2022, MVT 16:21

According to Minister of Finance Ibrahim Ameer, the state budget for 2023 is mostly concentrated on fulfilling state's pledges, 2023 being the last year of President Ibrahim Mohamed Solih's five-year presidential term.

The minister made the remarks while announcing the state budget for 2023 at the Maldives Parliament sitting. While speaking at the parliament, the minister notes current administration came to power with promises for infrastructural development and fixing decades-old unresolved issues among local communities.

The 2023 state budget under President Solih's first term is concentrated heavily on fulfilling state's pledges as well as improving the quality of services.

"We are looking ahead to the final year of President Solih's first presidential term. We are currently on the road to economic recovery," the minister said.

The 2023 budget is the first to be proposed after recovering from the Covid-19 pandemic, however the minister made emphasis on expected economic brunt in light of the Russia-Ukraine war, which will likely stretch into the coming year as well.

"Oil prices have surged in the international market, inflation rates are spiking, developed countries are currently constraining their monetary policies and bumping up their interest rates," the minister gave a brief outlook at the current global economic spectrum.

Maldives is expected to experience the impact from the unstable global economic conditions, but the minister is confident the island nation will not be excessively impacted.

While speaking about state's plan for 2023, the minister confirmed government's priority for the upcoming year will be on economic sustainability and stability.

Maldives government proposed MVR 42.7 billion as the state budget for 2023. State estimates next year's total expenditure will reach MVR 40.5 billion, with a deficit of MVR 14.4 billion.

Expected annual revenue to the government next year is MVR 32 billion.