Some MVR 600 million has been allocated in the 2024 budget to add elevators for the Hiya flats and to reclaim the Fushidhiggaru lagoon in order to resolve the housing crisis as pledged by President-Elect Dr. Mohamed Muizzu.
The budget submitted to parliament on Tuesday includes MVR 200 million for adding elevators to the Hiya flat towers, a project pledged to be carried out during the first 100 days of Muizzu's administration.
President-Elect Muizzu said two spacious elevators would be added to each Hiya tower, including one large enough to accommodate stretchers.
A total of MVR 1.4 billion was earmarked to be spent from the budget over the next three years for the Fushidhiggaru land reclamation, with MVR 400 million to be spent next year, MVR 600 million in 2025 and MVR 350 million in 2026.
The size of the Fushidhiggaru lagoon is about 1,280 hectares. Muizzu's manifesto proposed awarding 11,970 plots of land and building 26,500 housing units of three-bedroom and four-bedroom apartments in the reclaimed land.
In addition, MVR 118 million was allocated in the budget for housing projects along with MVR 286 million for social housing projects to be carried out by the Fahi Dhiriulhun Corporation.
An injection of MVR 177.4 million to the Housing Development Corporation (Urbanco) to reduce the cost of social housing was also allocated in the budget.
The MVR 49.5 billion budget proposed for next year with a projected annual revenue of MVR 33.5 billion also includes MVR 8.6 billion for the Public Sector Investment Program (PSIP).
The amount is nearly the same as the PSIP budget for 2023, which was MVR 8.5 billion. However, the government spent more than MVR 9.2 billion on PSIP projects by October.
PSIP projects planned for 2024:
- MVR 3.2 billion for developing airports and harbors
- MVR 1.69 billion for land reclamation and road construction
- MVR 1.12 billion for environment protection
- MVR 645 million for establishing water and sewerage systems
- MVR 439 million for developing the health sector
- MVR 404 million for providing housing
Other budget allocations include MVR 310 million for social and religious services, MVR 246 million for national security and public order, MVR 238 million for educational facilities and MVR 282 million for other development projects.
