Expenses at MVR 37 billion; to reach MVR 55 billion

The budget for 2024 has so far spent MVR 37 billion and a supplementary budget is being proposed to make some changes to the expenditure, the finance ministry said Thursday.

Finance ministry has presented a supplementary budget of MVR 5.1 billion to parliament, seeking to adjust the expenditure for 2024. This proposal comes in addition to the previously approved MVR 49.8 billion budget for the year.

According to information shared by the ministry, as of last month, the budget had already spent MVR 37 billion. During this period, total revenue and grants stood at MVR 26 billion.

The supplementary budget, if approved, is expected to bring the total revenue and grants for the year to MVR 34 billion, which includes:

While presenting the supplementary budget, finance minister Moosa Zameer informed parliament that the total budget for the year would increase to MVR 55 billion.

He also highlighted key financial details, indicating that the supplementary budget would result in an overall deficit of MVR 4 billion. This will bring the budget deficit for the year to MVR 18 billion, representing 16 percent of GDP.

Zameer further stated that government debt is projected to reach 118 percent of GDP by the end of the year.