MVR 1.4B in next year’s budget for incoming govt’s projects

MVR 1.5 billion has been allocated for the projects of the incoming administration in the state budget proposed for next year.

The Finance Ministry submitted an MVR 49.5 billion budget for 2024 – drafted with input from the Office of the President-Elect – to the Parliament on Monday.

The budget has an allocation of MVR 8.6 billion for PSIP projects, of which MVR 1.5 billion is reserved for the projects planned by the incoming administration.

The largest allocations in next year’s budget; MVR 400 million has been reserved for the reclamation of Fushidhiggaru Falhu, and MVR 118 million for housing projects.

It is a pledge of President-elect Dr. Mohamed Muizzu to reclaim Fushidhiggaru Falhu within the first month of office, and complete the project within his first year, for housing needs.

The largest project outside of Male’ in the budget proposed for next year is the bridge linking Addu City’s Hithadhoo and Hulhumeedhoo; another electoral pledge of Muizzu. MVR 30 million has been allocated for this project.

A total 4.5 billion has been budgeted for the development of housing and social projects. This includes MVR 2.5 billion in recurrent expenditure and MVR 2.04 billion in capital expenditure.

MVR 286 million is allocated for Fahi Dhiriulhun Corporation (FDC)’s housing projects.