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2023 budget approved with additional MVR 160 million

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By; Fathimath Lauza

The budget for subsequent year has been authorised by the Parliamentary Committee with an increase of MVR 160 ( one hundred sixty) million.

The Finance Ministry has presented a budget of MVR 42.6 billion to parliament this year.

After weeks of research, the Budget Committee of Parliament today decided to encompass an additional MVR 160.5 million in the budget with the proposed amendments to the PSIP.

The budget of MVR 42.8 billion was passed by a majority of the committee members.

About 70 percentage of the budget for subsequent year is spent on salaries of government employees and running offices. That’s about $29 billion. In addition, the budget has allotted MVR 14 billion for PSIP, development projects and different projects

Budget figures
– Total: MVR 42.6 billion
– Revenue MVR 32 billion
– Expenditure: MVR 40.5 billion
– Deficit: MVR 14.4 billion
– Public debt: MVR 113 billion

Compared to the revenue received, the authorities needs to elevate an additional MVR 11.3 billion to run the budget subsequent year. They are MVR 8.9 billion for the deficit, MVR 1.1 billion for mortgage compensation and MVR 4.8 billion for the SDF fund. The money will be raised through selling green or blue bonds in the foreign market and through selling T-bills and bonds in the domestic market.

2023 Economic Vision
– GDP to Rs 104 billion
– 1.8 million tourists
– Increase reserves to $606 million

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President Solih ruling against wishes of the people: Nasheed

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Despite the electoral pledge by Maldivian Democratic Party (MDP) to hold a constitutional referendum to decide on switching to a parliamentary system of governance, President Ibrahim Mohamed Solih is currently running the government against the wishes of the people, states MDP leader and Parliament Speaker, former President Mohamed Nasheed.
Nasheed, who has announced his intention of running in the MDP primary for the 2023 presidential elections against President Solih, travelled to GDh. Thinadhoo to launch his campaign Friday.

Speaking at a rally Friday evening, Nasheed said the decision by President Solih to run the government without holding a referendum was “a big mistake”.

He asked President Solih to hold the referendum “as was decided by the people”.

“I am calling for government to be run based on what the people want. The government must be composed based on what the people decide. I told the president that I wished for him to prioritize this when he began his administration. There are many inconsistencies in this. These inconsistencies will ultimately prove an obstacle to our development,” he said.

Nasheed said that MDP’s manifesto, which the coalition partners had endorsed, called for a referendum within the first 18 months of the administration.

It isn’t wise to make new pledges without first delivering the electoral pledge to hold the referendum, he said.

All government coalition leader except for Nasheed have since rejected plans to switch to a parliamentary system, citing that the current political and economic climate did not accommodate such a significant change.

Source(s): sun.mv

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Small grant recipient organizations selected

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By: Fathimath Lauza

Bank of Maldives Selects Small Grant fund Organization .According to BML, the project was announced as part of its 40th anniversary celebration.

BML Small Grants Fund is open to organizations implementing sustainable development and environmental projects.

8 projects will be selected from the projects submitted and MVR 250,000 will be paid to each project.

Through BML Small Grants, 8 projects submitted by NGOs have been selected to win a grant of MVR 250,000 to carry out community-based projects around the areas of sustainability, climate change mitigation and adaptation.

The 8 organizations selected for this small grant are:

1. Maldives Ocean Plastic Alliance (MOPA)
2. Huvadhoo Association for Tourism (HAT)
3. Vaadhoo Association for Future Development (VAFD)
4. Kumundoo Revival Initiative (Kri)
5. Women in Fuvammulah
6. Small Island Research Group
7. Huvadhoo Aid
8. Kihaadhoo Development Society (KIDS)

BML is celebrating its 40th anniversary and is doing various activities.

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New high commissioners from Pakistan and Singapore have presented their credentials to President

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The credentials were presented by the new Pakistan High Commissioner Vice Admiral (Retired) Muhammad Fayyaz Gilani, and new Singapore High Commissioner Soo Kok Leng in separate meetings at the President’s Office on Tuesday.

Meeting the Pakistan High Commissioner Gilani afterwards, President Solih congratulated him on his new appointment.

H.E. Vice Admiral (Retd.) Muhammad Fayyaz Gilani, presented his credentials to H.E. President Ibrahim Mohamed Solih.

They discussed the long-standing historical relations between the two countries, which both agreed were based on mutual respect, understanding, shared values, and faith.

They also discussed ways to further enhance cooperation at regional and international fora on mutual interest areas, including education, health, sports, and defence.

Speaking at the meeting, President Solih conveyed his deepest sympathies and condolences to the government and people of Pakistan following the devastation and loss of life caused by the recent floods in Pakistan.

They concluded the meeting in the hopes of renewed commitment to strengthening bilateral and multilateral cooperation between the two countries.

In his meeting with Singapore High Commissioner Soo, President Solih congratulated him on his new appointment and reaffirmed the two countries’ long-standing bilateral relations, which he said was based on shared values and people-to-people contact.
President Solih stated that Singapore is an important development partner for the Maldives.

They also discussed various issues of common interest, including regional and international collaboration, trade and investment cooperation, tourism cooperation, and climate adaptation.

High Commissioner Soo also commended President Solih and his administration on the successful management of Covid-19 in the Maldives.

Before concluding the meeting, President Solih and High Commissioner Soo expressed their commitment to further strengthen the long-standing bilateral and multilateral cooperation between the two countries.

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