Finance Ministry said that over MVR 7.5 billion required for the annual state budget 2022 will be obtained from foreign sources.
The budget book states that MVR 13.4 billion has to be obtained to make ends meet with the current proposed budget. MVR 3 billion is to be obtained from foreign financial institutions such as sovereign schools or bonds. The ministry said they are looking into all the available options and will be choosing one with the lowest interest rate.
Approximately MVR 9.4 billion will be used for the budget deficit. MVR 2.8 billion will be used for loan repayments while MVR 769 million will be used for the Sovereign Development Fund.
While a significant amount is to be obtained through foreign financial institutions, MVR 5.9 billion will be obtained via local ones.
The state budget proposed for 2022 is MVR 36.9 billion.
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