Male’, Maldives – Finance Ministry of Maldives has anticipated the State to receive MVR 23.7 billion as income in the upcoming year.
While the Finance Ministry forecasts an income of MVR 23.7 billion as income in the year 2022, the Ministry also forecasts the State to make an expense of MVR 33.8 billion in 2022. This is MVR 21 billion as recurrent expenses, MVR 12.5 as capital expenses and MVR 1.3 billion as aid to councils.
The latest Medium Fiscal report released by the Finance Ministry forecasted the State’s income for the year 2022 to be better than the income the country received in 2021. According to the report, the state is expected to receive additional MVR 1.39 billion as income from the tourism industry and from additional steps planned to take to increase the State’s income. These steps include of:
- Real Estate Tourism
- Developing resorts
- Loaning Islands
- Parking fee
- Selling lands
- Quarter fee from foreigners
- Resident permit fee
In addition to this, the budget foresees to receive MVR 14.7 billion as tax and MVR 5.3 billion as income, excluding tax, in the upcoming year.
Apart from this, the report also states that the Ministry predicts to receive MVR 2.2 billion as free aid as the country will be receiving free aid of USD 100 million (MVR 1.5 billion) till the year 2023. Along with this, the Maldivian government is expected to receive MVR 596.2 million for projects and other aids.