MVR600 mln allocated for construction of 20,000 housing units

MVR 600 million has been allocated in the proposed national budget for 2020 for the construction of 20,000 housing units as per the government's Strategic Action Plan (SAP).

Finance Minister Ibrahim Ameer presenting the proposed budget at the Parliament on Monday said MVR 359 million has been allocated in the budget for ongoing projects, with an additional MVR 600 million allocated for the housing project scheduled to commence next year.

"The 20,000 housing units program is a large scale project targeting to address the current housing issues faced by the country's citizens. The funds required for the project have been allocated in next year's budget", said the minister.

While the minister did not disclose the islands in which the housing project will be carried out, it has been reported that the locations have not yet been finalized.

A total budget of MVR 37.5 billion was proposed for next year by the Finance Ministry. While the government has budgeted for MVR 37.5 billion as expenditure for next year, the estimated revenue is MVR 29.92, leaving the archipelago with a budget deficit of MVR 5.7 billion.