Gov submits MVR 6.5b supplementary budget
With the supplementary budget, the budget deficit will reach MVR 11.5 billion; equivalent to 10.8% of GDP
A supplementary budget of MVR 6.5 billion was submitted to parliament on Wednesday.
In a statement, finance ministry said the supplementary budget will mainly include:
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Expenditure in excess of the budgeted amount for Aasandha
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Increased costs of fuel subsidies
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Increased expenditure on projects
The parliament has approved a budget of MVR 42.8 billion for this year. According to finance ministry data, government expenditure stood at MVR 28 billion or 83% of the budget at the end of last month.
In addition, the Fiscal Strategy Statement of the ministry forecasts:
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With the supplementary budget, the budget deficit will reach MVR 11.5 billion; equivalent to 10.8% of GDP
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Budget financing will require MVR 15.5 billion
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With the supplementary budget, the total budget for this year will reach MVR 48.4 billion.
