Committee sets 19 November deadline to review 2027 budget

Parliament's Budget Committee has decided to complete its review of the proposed MVR 59.7 billion state budget for 2027 by 19 November, setting a two-week deadline for its deliberations.

The deadline was approved at a committee meeting held on Thursday, following a proposal by Funadhoo MP Mohamed Mamdhooh of the ruling People's National Congress (PNC).

The proposal was seconded by Henveiru North MP Ahmed Aifan.

The committee is reviewing the 2027 budget submitted to Parliament by the Ministry of Finance and Public Enterprises, which proposes total expenditure of MVR 59.7 billion.

The budget projects total revenue and grants of MVR 43.2 billion, including MVR 33.6 billion in tax revenue, MVR 9.1 billion in non-tax revenue and MVR 349.3 million in grants.

Government expenditure is projected at MVR 52.6 billion, of which MVR 42.7 billion is allocated for recurrent expenditure.

A further MVR 9.9 billion has been allocated for development projects and investments, including MVR 8.2 billion for the Public Sector Investment Programme (PSIP).

The proposed budget also includes MVR 3 billion for housing projects, including MVR 750 million in equity financing for a loan scheme aimed at individuals seeking to purchase or construct homes.

The government has projected an overall budget deficit of MVR 9.4 billion for 2027.

The Budget Committee is chaired by Eydhafushi MP Ahmed Saleem of the PNC, who was reappointed to the position this year.

Fuvahmulah Central MP Ali Fazad, also representing the PNC, serves as the committee's deputy chair.

The committee is expected to complete its examination of the proposed allocations and finalise its recommendations by 19 November before the budget proceeds through the remaining parliamentary approval process.