President Solih: Will propose a surplus budget for 2029, with an economy valued at MVR 170B

Predicting state revenue will rise to MVR 50 billion by the end of next term, President Ibrahim Mohamed Solih has stated the state budgets submitted for parliamentary approval after that will be surplus.

Speaking at a campaign event in Th. Gaadhiffushi – the president said that pledges made for the next term are based on those statistics.

He stressed that multiple efforts were underway to secure the money that will fund efforts to fulfill these pledges.

“Our pledges are based on those [statistics]. We are very clearly witnessing the economy becoming doubled,” he said.

President Solih said Maldives’ economy, at the full completion of these projects in 2028, will rise up to MVR 170 billion.

He also added that the state revenue will be increased to MVR 50 billion by the end of 2028, following which the next state budget submitted will be a surplus budget.

“Starting from 2018 till 2028, we will, by the will of God, raise the Maldivian economy to over MVR 170 billion. Funds entering the state, which is required to raise the economy to this level, is increasing year by year as well,” he said.

“In this regard, will aim for MVR 50 billion [state revenue] in 2028, surpassing MVR 45 billion. The result will be the government having enough funds to implement the plans we have proposed. Hopefully, the budget we submit for parliament’s approval in 2028 will be balanced, or surplus,” he said.

President Solih stressed that this target can only be reached if a second term is secured. He added that an additional ‘two to three’ years were required, in this trajectory.

Speaking further, President Solih described Gaadhifusshi as an island that has been neglected by previous administrations due to its low population.

On the contrary, the president said his administration commenced the current term with an aim to develop such islands.

“As I believe, Maldives can only be developed by ensuring all basic services in all islands,” he added.

The president promised to undertake all efforts necessary for the development of such islands in the future as well.

His pledges for Gaadhiffushi if elected for a second term are;

• Land reclamation which will include a beach area
• Upgrading the health centre
• Carrying out a housing project
• Developing Usfushi is a picnic island
• Building a Volleyball court