Maldives Budget 2023

Budget Aim

The National Budget 2023 is formulated to achieve the targets set by the National Resilience and Recovery Plan, improve the quality of essential services and government administration, and complete the major on-going projects that will increase the productive capacity of the country.

Budget books and data

Budget book

This book contains the details of the forecasted budget.

Budget booklet

This booklet contains the summary of the budget proposed to the People’s Majlis

Budget speech

This is the speech given by the Minister of Finance to the People’s Majlis on the proposed budget.

Budget data

This is the budget tables in excel format.

AGA Office Budget

This is the details of the budgets of government offices, in excel format.

Economic Outlook

This report includes analyses on the Macroeconomic Developments in 2022, the Outlook for the Medium-Term, and covers the global and the Maldivian economy. Hence, the impact on Maldivian economic growth due to changes in global economic conditions has been highlighted.

Full Economic Overview

Fiscal Policy Outlook

This statement looks at the fiscal position and prospects with respect to the fiscal policy outlined by the Government. It focuses on the main aims of the Budget, trends in expenditure and revenue for 2022, and the policies related to the Budget for 2023. The report will also highlight the effect of fiscal policy on debt and deficit in 2023.

Full Fiscal Policy Outlook

Fiscal Policy

This report highlights the developments of ongoing Public Sector Investment Programs (PSIP), which were planned and budgeted for in 2022. The report also outlines new and ongoing PSIPs approved for implementation in 2023.

Fiscal Policy

Medium Term Fiscal Risk Statement

This report consists of a comprehensive analysis of the potential risks to the Budget 2023 with regards to the global and domestic economy, revenue, expenditure, projects, debt, SOEs, natural disasters, and the financial sector.

Full Fiscal Risk Statement

Budget Summary

Revenue

32,098

million rufiyaa

Government Revenue consists of Tax Revenue, Non-Tax Revenue and Grants.

View revenue table

Expenditure

40,718

million rufiyaa

Government Expenditure is composed of two main types of expenditures: Recurrent Expenditures (expeness incurred by the Government and providing public services) and Capital Expenditure (expenditure on infrastructure projects and capital items)

The Total Expenditure is calculated by deducting loan repayments and contribution to international finance institutions from the Total Budget.

View expenditure table

Deficit

8,620

million rufiyaa

The Overall Budget Balance is the difference between Total Revenues and Grants, and Total Expenditures. The Overall Budget Balance is at a deficit due to higher Total Expenditures compared to Total Revenues and Grants. The Primary Budget Balance is the Overall Balance after deducting loan servicing costs.

View summary table

Expenditure details

Health

5,043

million rufiyaa

The Budget 2023 includes a total of MVR 2,469 million for personal emoluments in the health sector. From this budget, MVR 995 million is allocated for medical consumables and supplies.

Economic Affairs

10,525

million rufiyaa

Most of the expenditure in this sector is allocated for economic diversification, labour affairs and the development of the private sector.

Education

4,648

million rufiyaa

The Budget 2023 allocates a total of MVR 857 million for tertiary education.

Housing and Community Amenities

2,825

million rufiyaa

Among this, the majority of expenditures are on housing and community development. Other expenditures allocated in this sector are for providing drinking water.

Social Protection

3,916

million rufiyaa

Expenditures on this function aim to promote an equitable society.

Environmental Protection

2,006

million rufiyaa

Expenditure on this function includes waste management, waste water management, pollution abatement, protection of biodiversity and landscape, among others. The largest component, among this, is sanitation in islands for which MVR 822.7 million is allocated for in the Budget 2023.

Defence, and Public Order and Safety

1,844

million rufiyaa

Most of the expenditure are on border control and public safety.

General Public Services and Recreation, Culture and Religion

7,591

million rufiyaa

The 2023 Budget allocates MVR 2,039 million on the provision of general public services. A total of MVR 1,816 million is allocated for executive and legislative organs, financial and fiscal affairs, and external affairs, while MVR 195 million is allocated for general public services.

MVR 958 million is allocated for recreation, culture, and religion in the 2023 Budget. MVR 431 million is allocated towards recreation and sporting services while MVR 370 million is allocated to religious and other community services.

A total of MVR 5,538 million is allocated in the 2022 Budget for debt services and amortization. Of this, MVR 2,101 million is allocated for debt repayments and MVR 3,437 million is allocated for interest payment and debt servicing.

Ministry of Finance

Ameenee Magu, Block 379, Male'
Republic of Maldives

Tel: 1617
Tel: +(960) 334 9200
Fax: +(960) 333 8034

E-mail: [email protected]