Govt to submit supplementary budget for 2024
The approved budget for 2024 stands at MVR 49.8 billion.
Finance minister Moosa Zameer announced on Saturday the proposal of a supplementary budget to address challenges in covering expenditures from the 2024 budget.
Speaking at a news conference at the President's Office, Zameer indicated that while the supplementary budget is in progress, the exact amount is not yet determined.
"We are working on a supplementary budget. We don't know the exact amount and the range," Zameer stated.
He mentioned that the supplementary budget is expected to be around MVR 5 billion, though he does not anticipate it reaching MVR 10 billion.
According to Zameer, the need for the supplementary budget is driven by increased expenditures and recent fiscal reforms introduced by the president.
A supplementary budget has become necessary as expenditures are expected to exceed the original allocations, similar to the trends in the previous two years.
In 2023, a supplementary budget of MVR 6.5 billion was passed to accommodate higher spending than initially planned.
The approved budget for 2024 stands at MVR 49.8 billion.
