On 31st October 2022, the Ministry of Finance (MoFT) proposed a budget of MVR 42.68 billion for the year 2023 to the Parliament of the Maldives.
The Parliament passed the budget 2023 of MVR 42.84 billion with an additional MVR 160 million approved by the Budget Review Committee (BRC) on 28th November 2022.
The Maldives Budget 2023 prioritized recovery from the post Covid-19 pandemic and the rising cost of living amidst increased geopolitical tensions from the Russia-Ukraine war while maintaining the sustainability of the government’s fiscal position.
Further, the budget accommodates completion of the National Resilience and Recovery Plan and incomplete projects and programs from the year 2022 which will provide immediate benefits to the economy.