State budget for 2015 will be balanced, insists President Yameen
12 Nov 2014, 1:01 PM
The record MVR24.3 billion (US$1.5 billion) state budget for 2015 submitted for parliamentary approval last week is a balanced budget, President Abdulla Yameen insisted yesterday in his Republic Day speech.
Referring to the Progressive Party of Maldives’ (PPM) campaign pledge to balance the budget in two to three years, President Yameen said the 2015 budget has a “primary balance surplus.”
“Looking at the figures of the budget, that is not a deficit we cannot plug. The deficit is a small figure,” he said.
The projected fiscal deficit in 2015 is MVR1.3 billion (US$84 million) or 2.5 percent of GDP.
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