Parliament approves MVR 64 billion state budget for next year
The budget was passed without any change to the total figure, though several minor amendments were adopted during the final vote.
Parliament on Tuesday approved the government’s MVR 64 billion budget for the upcoming year.
The budget was passed without any change to the total figure, though several minor amendments were adopted during the final vote. A total of 74 members voted in favour, while 12 members voted against.
Budget Committee chair, Eydhafushi MP Ahmed Saleem, said earlier that several institutions had requested adjustments to their allocations, but the Finance Ministry informed the committee that such changes could not be accommodated.
However, Saleem noted that the ministry agreed to allocate MVR 3.5 million from the special budget, which is lower than the amount proposed by the General Committee. The ministry also assured that allocations for independent institutions would be released in line with established rules.
“They have replied that the Ministry of Finance will release the money needed for next year's budget constraints from the special budget,” Saleem said.
According to the approved MVR 64 billion budget:
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Estimated revenue: MVR 31.3 billion from taxes, and MVR 8.7 billion from other sources
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Grants: MVR 373.6 million
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Total revenue (including grants): MVR 40.4 billion
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Estimated expenditure: MVR 49.2 billion
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Budget deficit: MVR 8.8 billion
Recurrent expenditure accounts for 62% of the budget, amounting to MVR 39.9 billion.
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