Budget 2024: Committee approves MVR 49.8b; hike of MVR 300m
The parliamentary committee passed the proposed budget for next year unanimously.
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By
Aishath Fareeha Abdulla
The Budget Committee has approved a budget of MVR 49.8 billion for the next year with amendments to increase the budget by MVR 300 million as desired by the new government.
The parliament’s Budget Committee meeting held on Thursday evening has changed the allocation of the domestic budget with the changes in the administration of the state and government ministries.
With this change, the proposed budget has been increased by MVR 300 million.
The committee made important changes to the budget:
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The committee unanimously approved a budget of MVR 43 billion for the domestic budget expenditure of the offices
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The budget allocation for the newly created ministries and independent institutions has been changed
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The budget for PSIP projects has been altered; This brings an increase of MVR 248 million for PSIP projects
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The budget for the Fushidhiggaru dredging project has been reduced by MVR 400 million
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MVR 10 million has been budgeted to recover the lost part of the sea in the south of Maldives
The parliamentary committee passed the proposed budget for next year unanimously.
Budget 2024 in brief:
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Total expenditure - MVR 49.5 billion
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Total grants and revenues - MVR 33.5 billion
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Budget deficit - MVR 13.8 billion
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Borrowings - MVR 17.2 billion
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Foreign budget support - MVR 6.9 billion
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Selling a green or blue bond abroad - MVR 771 million
