Govt asks Muizzu to propose plans for budget
The MDP, which has a majority in parliament, has said it will cooperate with the new government in passing the budget.
Top Stories
By
Fathmath Ahmed Shareef
President-elect Dr Mohammed Muizzu's team has been given the opportunity to present the supplementary budget and the budget presented for next year, as MVR 5 billion will be spent this year in addition to the MVR 42.8 billion budget approved by the parliament for the current year.
Various sources in the finance ministry have already confirmed that they are preparing to propose a supplementary budget to cover the expenditure, as they need between 5 to 6 billion, in addition to the 42.8 billion approved as this year’s budget.
Director General of Transition Abdul Raheem Abdullah told a news conference at the President-elect's office in M. Dhimyath on Thursday that the government has now given the opportunity to submit proposals on behalf of the President-elect for next year's budget as well as the supplementary budget.
"Now this government has been given the opportunity to propose what we want in the supplementary budget to be submitted to Parliament and we have been given the opportunity to include promises in the 2024 state budget," he said.
Abdul Raheem said a special committee has been appointed for the budget.
If expenditure increases and a supplementary budget is passed this year, the total state budget will reach MVR 49 billion this year. A supplementary budget of MVR 5 billion had to be passed last year as well.
The main reason for the higher than budgeted expenditure this year is the higher than budgeted expenditure on subsidies and the increase in the number of PSIP projects this year.
According to the latest figures released by the Ministry of Finance, as of 14th last month:
-
MVR 33.1 billion has been spent till date
-
77% of the budget approved by Parliament has already been spent
-
The budget balance is MVR 9.7 million
According to Article 96(a) of the constitution, the state budget for the following year must be submitted to Parliament before November 1 of each year at the latest. After the budget is studied and debated, the budget can be passed by a majority of the parliament.
The MDP, which has a majority in parliament, has said it will cooperate with the new government in passing the budget.
