In a decisive move to address the pressing housing crisis, the government has prioritised housing initiatives in the upcoming budget for the Maldives.
During the budget presentation, Minister of Finance Moosa Zameer emphasised that special priority has been assigned to implementing effective solutions aligned with the President's vision. He noted that the 2025 budget aims to ensure that a substantial portion of the population is adequately housed.
The budget designates USD 65 million for housing loans at a 5% interest rate, with an additional USD 130 million earmarked for housing loans through local banks. Furthermore, USD 117 million has been allocated for new housing under the Public Sector Investment Program (PSIP) projects, representing a noteworthy investment in the housing sector.
Minister Zameer proclaimed that the 2025 budget constitutes the largest government expenditure on housing in the history of the Maldives, positioning the forthcoming year as the onset of a "golden age of housing." He highlighted that 50% of the new PSIP projects are specifically designated for housing initiatives, further underscoring the government's commitment to enhancing living conditions in the region.