Maldives' economy will return to pre-pandemic earnings by 2023, according to the Finance Ministry.
The Mid-Term Fiscal Plan released by the Finance Ministry states that it will take two more years to overcome the economic decline faced due to the coronavirus. Prior to the pandemic, Maldives earned Rf. 23 billion in revenue in 2019. The pandemic had decreased the nation's revenue to Rf. 15 billion in 2020.
Finance Ministry has estimated that Maldives will be able to earn Rf. 21 billion in revenue in 2021, and Rf. 22 billion in 2022.
It stated that the state's annual budget for 2022 will be Rf. 37 billion. However, the final amount allocated for the budget will be determined by budget proposed to the parliament before the end of October.
The government has made seven propositions in order to increase the state revenue; increasing airport tax rate, increasing real estate and expatriate's quota fee, in addition to increasing the residency permit fee.