In the proposed national budget for 2020, MVR 600 million has been allocated for the construction of 20,000 housing units under the Strategic Action Plan (SAP) of the government.
Finance Minister Ibrahim Ameer, who delivered the proposed budget to Parliament on Monday, said that MVR 359 million was allocated to ongoing projects in the bill, with an additional MVR 600 million allocated to the housing project scheduled to start next year.
“The 20,000 housing units program is a large scale project targeting to address the current housing issues faced by the country’s citizens. The funds required for the project have been allocated in next year’s budget”, said the minister.
Although the minister has not revealed the islands in which the housing project will take place, it has been reported that the locations have not yet been finalized.
The Finance Ministry proposed a total budget of MVR 37.5 billion for next year. While the government has budgeted 37.5 billion MVR as next year’s expenditure, the estimated revenue is MVR 29.92, leaving the archipelago with an MVR 5.7 billion budget deficit.
