Budget Aim
The primary aim of Budget 2024 is to address the increasing fiscal challenges and secure the sustainability of fiscal and debt aspects. To achieve this, the government's approach includes enlarging the tax base to enhance revenue and revamping the social security assistance system to give priority to those who require government aid the most, ultimately aiming to improve efficiency.
Budget Books and Data
Economic Outlook
This report is based on the medium-term and fiscal outlook for 2024, taking into consideration both the global economic environment and the domestic economic conditions in the Maldives. Hence, the impact on Maldivian economic growth due to changes in global economic conditions has been highlighted
Full Economic OverviewFiscal Policy
The report will establish the objectives established for the 2024 budget and elaborate on the measures aimed at reducing costs within the primary components of expenditure. These actions are intended to enhance fiscal and debt sustainability and alleviate the medium-term financial burden.
Full Fiscal Policy OutlookFiscal Overview
This report is derived from the national budget and fiscal circumstances, offering insights into the revenue and expenditure projections for 2023, alterations in these forecasts, and the composition of the financial plan in response to shifts in debt levels and the deficit for the current year.
Full Fiscal OverviewFiscal Risk Statement
This statement will highlight the budgetary constraints anticipated in the medium term of 2024, including fiscal shocks resulting from economic slowdown and potential fluctuations in government revenues and expenditures.
Fiscal Risk StatementBudget Summary
Revenue
33,547.0 Million Ruffiyaa
In 2024, the government is estimated to collect a total of MVR 33,547.0 million in revenue and grants. It's anticipated that the majority, specifically 76.4 percent, of this revenue will be derived from taxes.
Revenue Table
Expenditure
47,316.6 Million Ruffiyaa
The estimated national budget for the year 2024 is set at MVR 49,549.7 million. Out of this total budget, MVR 47,316.6 million has been allocated for overall expenditures, and MVR 2,202.4 million is earmarked for debt repayment. Expenditure can be divided into two primary categories: recurrent expenses and capital outlays. A significant portion of recurrent expenses is directed toward employee salaries, while MVR 8,665.3 million has been set aside for development projects, with a primary emphasis on advancing airport development.
Expenditure Table
Deficit
13,796.6 Million Ruffiyaa
The national budget's overall balance is calculated as the variance between total revenue and grants and total expenditure. If expenditure surpasses the total revenue and grants, it results in a budget deficit. The primary balance of the budget is determined by subtracting the debt service costs from the overall balance. Starting in 2024, it is anticipated that the overall budget deficit will be MVR 13,796.6 million, while the primary deficit is expected to stay at MVR 8,525.5 million.
Deficit Table
Classification of Expenditure by Functions of Government
Health
7,459.4 Million Ruffiyaa
In the 2024 budget, there is an allocation of MVR 7,459.4 million to enhance and extend healthcare services for the public. This comprises MVR 3,709.1 million designated for hospital services and MVR 2,190.8 million designated for medical support.
Health
Economic Affairs
8,884.2 Million Ruffiyaa
In the 2024 budget, an allocation of MVR 8,884.2 million has been designated for various economic and industrial development initiatives as well as other economic affairs. The transport sector constitutes the most substantial portion of this allocation, encompassing projects related to airport development, port expansion, and transport subsidies.
Economic Affairs
Education
5,279.9 Million Ruffiyaa
Within the budget, there is an allocation of MVR 5,279.9 million for educational services and development initiatives. This encompasses MVR 1,228.4 million directed towards primary education and MVR 993.0 million for training, scholarships (including free degree programs), and the national student loan scheme program.
Education
Housing and Community Amenities
2,140.6 Million Ruffiyaa
The 2024 budget includes an allocation of MVR 2,140.6 million for housing construction and land reclamation initiatives. Out of this, MVR 2,225.2 million is designated for council block grants, and an additional MVR 66.8 million has been allocated for water supply for the community.
Housing
Social protection
640.3 Million Ruffiyaa
A total of MVR 640.3 million has been allocated as assistance for people with special needs, MVR 1,724.0 million for senior citizens, and MVR 327.3 million for families and children. The total budget for 2024 is MVR 3,495.4 million.
Social protection
Environmental Protection
1,809.7 Million Ruffiyaa
In the 2024 budget, there is an allocation of MVR 1,809.7 million for environmental protection, with a substantial portion devoted to waste management. More specifically, MVR 1,224.8 million is set aside for waste management, while MVR 173.7 million and MVR 277.8 million are designated for waste water management and the protection of biodiversity and landscapes, respectively.
Environmental Protection
Defense, and Public Order and Safety
5637.5 Million Ruffiyaa
The 2024 budget for defense allocates MVR 1,867.9 million, with the majority directed towards military defense (MVR 1,848.9 million). Additionally, MVR 3,769.6 million is allocated for public order and safety, with a significant focus on border security and law enforcement, supported by a budget of MVR 2,428.0 million.
Defense, and Public Order
General Public Services
9,230.3 Million Ruffiyaa
Within the 2024 budget, an allocation of MVR 9,230.3 million is specified for the administration of general public services. From this amount, MVR 3,205.9 million is designated for matters related to fiscal and financial affairs, while MVR 557.3 million is allocated for the management of general personnel services. Furthermore, a substantial MVR 5,244.0 million is set aside for the handling of public debt transactions.
Public Services
Recreation, Culture, and Religion
1,028.5 Million Ruffiyaa
The budget designates MVR 1,028.5 million for providing recreation, culture and religious services, including MVR 421.2 million for entertainment and sports and MVR 389.3 million for religious services.
Recreation, Culture, and Religion
