Housing has been made the highest priority for the government next year, with a whopping MVR 4.8 billion allocated for it in the proposed budget for 2025.
Housing has been made the highest priority for the government next year, with a whopping MVR 4.8 billion allocated for it in the proposed budget for 2025.
Presenting the proposed budget to Parliament today, Minister of Finance Moosa Zameer highlighted that housing is one of the most major social issues faced by the people.
"In compiling the 2025 budget, the highest priority has been given to ensuring housing for Maldivians in accordance with the President's vision," he said.
MVR 1 billion has been allocated for providing housing loans with a five percent interest. The Minister revealed that these funds can be used to facilitate the granting of loans worth at least MVR 2 billion through the banks.
In addition to this, MVR 1.8 billion has been included for housing related PSIP projects.
"This budget has the largest allocation for housing within a single year in Maldives history," Zameer said.
The total budget proposed for next year comes to MVR 56.6 billion. This, even considering the supplementary budget of this year, is an increase of MVR 1.8 billion.
Of this, MVR 49.2 billion is projected to be expenses. This includes MVR 35.9 billion in recurrent expenditure, and MVR 13.3 in capital expenditure.
MVR 3.9 billion has also been set for debt repayment.
Revenues and grants are projected to be at MVR 39.8 billion, including MVR 4.9 billion expected to be received through revenue increasing measures.
This revenue increase is expected to come from increase in tobacco taxes, airport tax, TGST and green tax.
With these fiscal reforms, next year's deficit is expected to be at MVR 9.4 billion, which is the lowest deficit in recent years.
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