The finance ministry estimates that state revenue would be MVR 23.7 billion next year, while state expenses will be MVR 33.8 billion.
The government intends to undertake steps to enhance state revenue next year, according to the finance ministry’s Fiscal and Debt Strategy Report, which will contribute MVR 1.39 billion to the state budget. The report also forecasted MVR 14.7 billion in tax revenue and MVR 5.3 billion in non-tax revenue in 2022.
Some of the government’s suggested revenue-generating strategies include real estate tourism, leasing of islands for resort development, parking fees, land leasing, foreign worker quota fees, and resident permit fees.
According to the report, the state would spend roughly MVR 33.8 billion on expenses next year, with recurrent expenses totaling MVR 21 billion and capital expenses reaching MVR 12.5 billion.
In addition, the finance ministry expects to spend MVR 1.3 billion on financial aid to local councils.
The finance ministry is presently working on submitting the state budget for 2022 to the People’s Majlis, which is due by the end of August.
The approved state budget for 2021 is MVR 34.9 billion, with state revenue totaling MVR 20.7 billion and expenses totaling MVR 32.3 billion.
