The Government has proposed an annual state budget of MVR 59.7 billion for 2027.
Finance Minister Hassan Zareer addressed Parliament today to present the budget for next year, which is MVR 4.5 billion less than this year's budget.
The budget presented by the Ministry of Finance is a total of MVR 59,704.4 million. The budget is expected to receive MVR 43,158.1 million in total revenue and grants, which is a deficit budget.
Presenting the budget in parliament today, Finance Minister Hassan Zareer said the largest expenditure in next year's budget will be allocated to the health sector. 10,623.8 million has been allocated for health.
The second-largest expenditure is on the economic and industrial sectors. MVR 9,825 million has been allocated to the sector.
The Minister said that instead of starting new projects, the main purpose of the proposed budget is to complete 70 percent of the ongoing projects that align with President Dr. Mohamed Muizzu's pledges.
He added that the proposed budget for 2027 is designed to ensure economic stability, financial and debt sustainability of the state, and to make the national vision a reality by giving priority to investments that will bring about positive changes in the lives of the people.
