Finance Minister Ibrahim Ameer on Tuesday revealed that state budget deficit has been revised to MVR 16 billion from previously estimated deficit of MVR 6 billion, taking in to consideration the current economic conditions.
The minister also told Parliament Economic Committee that the state expects to receive a revenue of MVR 19 billion next year.
For the current year, MV. 30 billion in revenue was estimated by the government previously including grants, and this too has been revised to MVR 15.1 billion in the wake of COVID-19 pandemic.
The ministry is preparing ‘medium term fiscal strategies’, and an estimate on state revenue has been drawn up according to the minister.
‘We expect a revenue of MVR 19 billion next year, including grants. The state fiscal deficit will be at MVR 14.4 billion. A financial gap of 16 to 17 percent is likely. We need to secure MVR 12 billion this year,” said the minister.
Also the previously previously estimated 7.2 percent increase of GDP is now expected to be a 11.5 percent dip in the Maldives economy.
