The budget for next year includes MVR 1.6 billion for Thilamale' Bridge and Gulhifalhu Port Project, says the Finance Ministry.
The Finance Ministry said yesterday that the 2024 budget has been sent to Parliament in accordance with Article 69(h) of the Constitution. The government has asked the Parliament to approve a budget of MVR 49.5 billion for next year.
The Finance Ministry has included MVR 827 million for the Thilamale' Bridge project in the next year's budget. MVR 527 million has also been allocated for the Gulhifalhu Port Project.
According to the government, the Thilamale' Bridge will be completed by the end of this year, and the bridge will be connected to Thilafushi next year. The government expects the Gulhifalhu Port to be completed by 2026.
The Thilamale' Bridge and Gulhifalhu Port Project are being developed under the credit facility granted by India to the Maldives. The $500 million bridge is being constructed with a $400 million loan from Exim Bank of India and a $100 million grant from India.
From the proposed budget for next year, after deducting debt and loan repayments, the total budget expenditure stands at MVR 47.3 billion. Of this, MVR 34.8 billion is expected to be spent on recurrent expenditure, MVR 8.6 billion on PSIP, and MVR 6 billion on other capital expenditures.
According to the budget, MVR 33.5 billion is expected to be received next year. Of which, MVR 25.6 billion will be tax revenue, MVR 6.6 billion will be received as other income, and MVR 1.3 billion is expected to be received in grants.
The Finance Ministry said yesterday that the 2024 budget has been sent to Parliament in accordance with Article 69(h) of the Constitution. The government has asked the Parliament to approve a budget of MVR 49.5 billion for next year.
The Finance Ministry has included MVR 827 million for the Thilamale' Bridge project in the next year's budget. MVR 527 million has also been allocated for the Gulhifalhu Port Project.
According to the government, the Thilamale' Bridge will be completed by the end of this year, and the bridge will be connected to Thilafushi next year. The government expects the Gulhifalhu Port to be completed by 2026.
The Thilamale' Bridge and Gulhifalhu Port Project are being developed under the credit facility granted by India to the Maldives. The $500 million bridge is being constructed with a $400 million loan from Exim Bank of India and a $100 million grant from India.
From the proposed budget for next year, after deducting debt and loan repayments, the total budget expenditure stands at MVR 47.3 billion. Of this, MVR 34.8 billion is expected to be spent on recurrent expenditure, MVR 8.6 billion on PSIP, and MVR 6 billion on other capital expenditures.
According to the budget, MVR 33.5 billion is expected to be received next year. Of which, MVR 25.6 billion will be tax revenue, MVR 6.6 billion will be received as other income, and MVR 1.3 billion is expected to be received in grants.
