Minister of Finance and Treasury Ahmed Munawar has revealed if the projects for the next five years are implemented as planned, the revenue of the state can be increased, with the capability further enhanced to pay off debt.
Delivering the proposed State Budget 2019, Finance Minister Ahmed Munawar said the State Budget 2018 is expected to rise to USD 1.8 billion, while USD 136 million will be used to pay off debt.
The finance minister revealed through the State Budget 2018, the government sought to provide new economic opportunities through ongoing projects, increase revenue, and enhance the general well-being of the people without interrupting any ongoing development projects. In this regard, Minister Munawar highlighted the success of the past five years, mentioning the numerous projects launched and completed.
Furthermore, Finance Minister Munawar stated USD 5.11 billion was spent as recurrent expenditure, while USD 2.65 billion was spent as capital expenditure in the past 5 years.
Noting the largest sum for infrastructure development was spent during the past 5 years, the finance minister noted USD 1.618 billion was spent on projects as part of the Public Sector Investment Programme (PSIP). The minister also revealed the debt of the state increased to USD 1.5 billion in the past 5 years and the debt is expected to increase to USD 3.146 billion when all the projects are completed.
Speaking in this regard, the minister noted if the projects are conducted as planned, it would provide the capability of the state to pay loans.