Finance Minister Ibrahim Ameer has said that several major projects will be included in the upcoming budget to triple the country's $6 billion economy.

The Finance Minister stated that significant development projects had been included for the upcoming year during the budget debate in parliament. The construction of Thilamale' Bridge, Hanimaadhoo International Airport, the relocation of commercial ports, and sewage projects on all of the Maldives' islands are a few of them.

The Minister stated that MVR 8.4 billion has been allocated in the budget for PSIP projects, of which MVR 4.2 billion has been funded.

He explained to the parliament that although the country's economy had been severely damaged over the previous four years, many projects had been carried out in rural areas. The Minister cited several programs in the fields of sports, health, and education.

The Minister stated he believed the financial situation could reach fiscal sustainability in the next financial year. He said that while borrowing surged to tide over the economic hardships caused by covid and the Ukraine-Russian war, he would continue to work towards improving the debt situation in the future.

The Minister's comments came at a time when the state's debt is expected to rise to MVR 106 billion by the end of the current fiscal year. The budget expects the debt to rise to MVR 113 billion next year. This is 108 per cent of the country's manufacturing output.

In the last three years, the country's debt has gone up marginally. The debt swelled so much that it took huge loans to meet expenses due to the covid-induced fall in revenues.

This will be done without looking at the services of the people," he said. Ameer said that while the last four years have been a turning point for the country's economy like never before in history, it has been an achievement to implement development projects in rural areas without any hindrance.

Ameer said important measures would be taken next year to meet revenue expenditure and reduce the budget deficit. This can be done by increasing GST and TGST and reducing Aasandha and some other subsidies.

A budget of MVR 42.6 billion has been presented to the Parliament for the next fiscal year.