Minister of Finance Ibrahim Ameer has said the State Budget for 2020 has been formed with a focus on establishing the necessary infrastructure in Maldives.
The government has proposed a budget of over USD 2.4 billion for 2020. The expected revenues in the budget for 2020 is USD 1.94 billion while the expenditure is expected to be USD 2.31 billion. The expected deficit in 2020 is USD 369.65 million which is 5.8% of the GDP. The budget also included the key pledges in the manifesto of Maldivian Democratic Party (MDP), the main ruling party.
Speaking at the parliament to propose the State Budget, Minister Ameer said the budget will enable people of Maldives the opportunities for a better and a contented life. Minister Ameer said providing the people of Maldives with better opportunities for an improved and a more gratified life has been central to the budget allocations and developmental efforts.
The minister further said this is the first ever budget that includes appropriation structures instead of lump sum figures. The minister said the budget further empowers the councils, adding the budget proposed also brings hope for the people, as it intends to bring economic development under the Blue Economy strategy, empowering and enriching people, in addition to developing the necessary infrastructure in the country.
The Strategic Action Plan (SAP) launched recently was the basis for the budget to ensure harmony in reaching the targeted goals. The budget allocated finances for development projects for all regions and islands of the country.
The biggest portion of the budget has been allocated for the development of infrastructure, as a massive 21% of the entire budget is allocated for development projects. 20% of the budget is allocated to provide public, social and religious services.