Govt companies directed to submit annual budgets for review
These reports are required to be presented to the PCB twice annually, in January and July.
Government-owned companies in Maldives are required to prepare annual budgets and submit them to the Privatisation and Corporatisation Board (PCB) and the Finance Ministry for review.
The PCB issued a circular on the matter on Monday, outlining the requirements for budget preparation and submission. The rule aims to establish a uniform process to manage the budgets of government companies, government-owned entities, and commercial bodies.
The rule specifies that standard studies and procedures must be conducted in the budget formulation process. It also provides guidelines on submitting documents to the PCB and the Finance Ministry for budget review.
The circular emphasises that although companies are already working on the 2025 budget, compliance with these rules will be mandatory starting with the 2026 budget. The PCB has instructed companies to adhere to the new rules for budget disclosure, review, and adjustments, where necessary.
Under Article 8 of the rules, companies must submit a budget review report to the Ministry of Finance as directed. These reports are required to be presented to the PCB twice annually, in January and July.
Additionally, the rules outline the required content of the budget and the format to be used. The guidelines stipulate that changes to the approved budget should only be made under compelling circumstances.
