Biggest chunk of 2023 budget earmarked for economic and infrastructure development

Gulhifalhu land reclamation project. (Photo/EPA)

The 2023 projected budget report shows the highest spending in the upcoming year will be on economic and infrastructure development.

Finance Minister Ibrahim Ameer presented an MVR 42.7 billion budget for 2023 to the Parliament on Monday. The projected expenditure is listed as MVR 40.1 billion.

According to the government, the economic and infrastructure segments are two segments which has seen the greatest development.

Major infrastructure development projects earmarked for 2023 include the project to develop Velana International Airport, the Gulhi Falhu land reclamation project, and the commercial port project. Funds have also been earmarked for water and sanitation projects in islands, and projects to develop fisheries and agriculture.

The biggest chunk of expenditure will go towards servicing debt. 8.1 percent of total expenditure is for servicing debt.

Meanwhile, 11.8 percent of total expenditure are earmarked for health sector, and 10.8 percent for education sector. This includes on infrastructure development and human resource development.