Finance Minister Ibrahim Ameer has stated that out of the MVR 8.4 billion budgeted for Public Sector Investment Programme (PSIP) Projects, MVR 4.2 billion is funded by various sources.

Minister Ameer made the statement while speaking during the parliament session today, following debate and discussions by lawmakers on the proposed state budget for 2023.

The Minister noted that 2023 budget is also being presented at a time when the global economy is bracing for an economic crisis. Hence, he noted that the biggest aim of the budget is to overcome these challenges and ensure fiscal sustainability.

To ensure these, the Minister noted that many points are highlighted in the budget book.

As such, he highlighted that the proposed budget is about MVR 42 billion, with an estimated revenue of MVR 32 billion including grants. The deficit is expected around MVR 8 billion, which is 8.1 percent of the GDP as compared to the 14.3 percent in 2022 and 13.8 percent in 2021.

The Minister also stated that out of the MVR 8.4 billion budgeted for PSIP Projects, MVR 4.2 billion are funded projects, including mega infrastructural projects.