Ministry of Finance and TreasuryRepublic of Maldives
On Wednesday 22nd of November 2017, The People’s Majlis approved the government budget for 2018. The approved budget for 2018 is MVR 28.0 billion (MVR 27,966,303,968).
The Budget was passed with one amendment brought by the Budget Committee to reallocate one project under PSIP, but made no changes to the total value of the budget. Furthermore, the budget was passed with three recommendations:
• Ministry of Finance and Treasury to allocate sufficient budgets to independent institutions, so as to not constraint their statutory functions
• To give priority to 100% state owned enterprises for contracts relating to essential public infrastructure such as water, sanitation, housing, road construction and land reclamation
• Expedite the work on gaining a majority stake for the government in Dhiraagu and to acquire a 100% stake in MWSC
Some highlights of the approved government budget for 2018:
Development of Velana International Airport (MVR 1 billion)
Development of Dharumavantha Hospital (MVR 818 million)
Development of 6000 housing units in Male’ and other islands (MVR580 million)
Development of China Maldives Friendship Bridge (MVR313 Million)
Increasing the remuneration of civil servants (MVR 234 million)
Electricity Subsidy (MVR 200 million)
Digitalization of schools and finish rollout of new curriculum (MVR 154 million)
Food subsidy (MVR 50 Million)
The government has proposed a budget of MVR 28.0 billion for the year 2018, with total expenditure of MVR 24.9 billion. The total revenue and grants projected for 2018 is MVR 22.4 billion. The budget deficit for 2018 is MVR 2.5 billion , which is 3.2% of GDP.