State budget expected at MVR37bn for 2022

Minister of Finance at Parliamentary Finance Committee meeting | Photo: People’s Majlis

According to Ministry of Finance the expected state budget for the year 2022 is MVR37 billion.

Furthermore, the government institute notified this budgetary total in their fiscal debt strategy.

In addition to this, the expected total revenue to the government in the coming year is reported at MVR23.6 billion with another MVR22 billion expected from foreign grants. State expects an overall MVR14 billion of income from taxes and MVR5 billion from non-tax sources.

Moreover, Ministry of Finance has included another MVR1.3 billion projected from other income sources in 2022, which include;

  • Airport tax rate increase
  • Real Estate Tourism
  • Expatriate Quota Fees
  • Increase of Resident Permit fee
  • Congestion Charge
  • Spectrum Charge

Meanwhile, the state expenditure projected for the next year maxes out at MVR33.8 billion, while the ministry reported a budgetary deficit of MVR10.2 billion at the end of the next fiscal year.