Ministry of Finance and Treasury has proposed a state budget of MVR 37.504 billion for the year 2020.

As per the Constitution of the Maldives, the state budget was proposed at the parliament by the Finance Minister, Ibrahim Ameer.

The state budget for 2020 is MVR 35,600 billion with a deficit of 5678 billion along with 29,922 billion expected as free aid and income. The proposed state budget for 2020 is larger than this year’s by 8.5 billion.

Presenting the budget, Minister Ameer said that MVR 35.6 billion is estimated to be spending and the majority of the difference between budget and spending is the MVR 1.9 billion to repay government debts.

While the income for next year is focused on five main sectors, the largest of these sectors is taxation with MVR 17.8 billion; 48 percent. The state budget estimates 6.8 billion in other incomes and 5.2 billion in free aid.

The budget for 2020 also has 59 percent, the highest amount, (MVR 22.2 billion) for recurrent costs with 10 billion for PSIP other capital spending have 5 billion.