Minister of Finance Ibrahim Ameer has stated that the government will manage its debt while also continuing with the development projects next year.
Speaking at the Parliament, Minister Ameer said the proposed state budget for 2023 will benefit the citizens and the country. He responded to the remarks made by the parliamentarians during the debate stage and said the highest priority for next year is to continue with the development initiatives in a sustainable manner despite the global economic turmoil following the COVID-19 pandemic and the Russia-Ukraine conflict.
Furthermore, Minister Ameer said the global economic downturn has resulted in the Maldives accumulating more debt in the past few years and, therefore, the government will prioritise increasing state revenue. He said the state budget will steer the country into physical sustainability while also continuing with development projects and the provision of essential services.
The government proposed a USD2.76 billion state budget for the year 2023 and expects to receive USD2.08 billion in revenue and grants next year.