Maldives government is hopeful to bounce back from the economical downfall and make full economic recovery by 2023.
As per the Ministry of Finance in their medium-term fiscal plan, the island nation will require two more years to achieve economic levels observed pre-pandemic. As such, the ministry highlighted that the state expects to make a revenue of MVR21 billion in 2021 and MVR22 billion in 2022.
Moreover, the Maldives government made a revenue of MVR23 billion in annual terms prior to the pandemic, which reduced by MVR8 billion in 2020 owing to the Covid-19 global pandemic.
Meanwhile, the ministry in their fiscal plan has projected a state budget of MVR37 billion for the upcoming year. However, the budget will be finalized only after acquiring approval by Maldives parliament which is slated for 31st October.
Furthermore, the medium-term fiscal plan also presented new income streams for the state which will be implemented in the following year.