The Maldives government has allocated MVR 8.4 billion for development projects in the estimated state budget for 2023.
The state has sent a budget of MVR 42.2 billion to Parliament today, from which 19.7 percent will be spent on Public Sector Investment Program (PSIP) projects.
The budget for next year includes an allocation of MVR 483.7 million for 204 new projects, MVR 527.5 million for 311 projects in the tendering stage and MVR 1.2 billion for 479 projects in the pre-tendering stage.
The 2023 budget also includes MVR 5.5 billion for 1,211 ongoing projects and MVR 77.3 million for retention of 113 completed projects.
Harbor upgrading projects amount to 28.9 percent of PSIP.
The budget also includes the construction of the Male'-Thilafushi Bridge and the study implementation of Gaafu Alifu Atoll Villingili-Kooddoo Bridge. The budget also includes the development of airports in Noonu Atoll Maafaru, Haa Dhaalu Atoll Hanimaadhoo and Addu.
- MVR 285.9 million on construction of housing units in Hulhumale' and other islands
- MVR 630.2 million on waste disposal projects
- MVR 567.2 million on new and ongoing water supply and sewerage projects
- MVR 724.9 million on infrastructural development of Health sector
- MVR 463.4 million on dredging and land reclamation of Gulhifalhu and Addu
Of the MVR 8.4 billion allocated for PSIP, expenditure of MVR 3.1 billion is is issued from the domestic budget. The government has also decided to spend MVR 4.1 billion from foreign loans and MVR 713 million from foreign grants. In addition, MVR 439.5 million will be spent from the Green Fund.
Presenting the budget, Finance Minister Ibrahim Ameer told Parliament today that 2023 will be the last year of the current government's term, and the proposed budget pays special attention to fulfilling the President's promise.
"The development of airports and increasing capacity are underway to expand tourism across the country. In addition to Velana International Airport, the modernization of Hanimaadhoo and Addu International Airports will facilitate tourism in the north and south of the country," he said.
The minister said that development of airports in different islands are underway and that "these projects will completely transform the supply-side of the economy".
“The government is working to develop domestic airports on a cross-subsidy basis to ease the budget,” he said.
The Finance Minister said "It is important to increase and sustain economic activities. Development of the international port at Gulhifalhu and the bridge connecting Male', Vilimale', Gulhifalhu and Thilafushi have already started. These projects are an important foundation for increasing economic prosperity".
Sign In
