President Ibrahim Mohamed Solih has alluded to the budget the Government recently proposed to the Parliament worth MVR 34.6 billion and asked for Majlis’s approval. He made the call in his remarks after inaugurating the newly developed airport in Hoarafushi Island of Haa Alifu Atoll on Thursday.
The President spoke in praise of the budget as fiscally responsible and crafted to help the Government overcome the economic challenges of the COVID-19 pandemic. Acknowledging that these are challenging times, the President nevertheless emphasised that the Government is committed to redoubling its efforts to deliver on its major pledges at this critical juncture.
Under the proposed budget of MVR 34.7 billion, the Government plans to invest MVR 4 billion in the health sector; MVR 3.9 billion on education; MVR 3.7 billion on the social sector; and MVR 2.3 billion and MVR 1.8 billion on housing and infrastructure, and environmental protection, respectively. Cumulatively, under this budget, the Government will ensure that its expenditure is geared towards investing in the Maldives’ infrastructural and human infrastructure, and social welfare schemes, including Aasandha.
The President emphasised that now is not the time to limit the scale of the Government’s ambitions and that it is keen on going ahead with projects that will directly enhance the quality of life for our citizens. Acknowledging concerns raised by some towards the Maldives’ level of debt, the President further emphasised that despite the large debt inherited by this Administration from the previous Government, it will work with its dedicated and qualified financial teams to address budgetary issues, while investing in the Maldives’ future.