The Ministry of Finance and Planning has instructed all government offices and institutions to present the projected baseline budget for the next three years by 28 August.
The finance Act mandates the Ministry of Finance and Planning is required to prepare the annual budget of the state and submit it to the Parliament two months before the start of the next fiscal year.
The circulars, signed by the Minister of Finance and Planning, Moosa Zameer, have instructed all State institutions to submit the baseline budget for 2026 to 2028, the budget for new policy initiatives along with the projected budget for local councils.
The Ministry has issued three separate circulars for the preparation and submission of the budget. The new policy initiatives included in the 2026 to 2028 baseline budget must be implemented during this period, the Ministry said. The circular states that the budget for this section shall include the economic, social or other benefits of these projects along with new measures to increase State revenue.
In addition to estimated budgets for new projects, agencies are also required to submit baseline budgets consisting of anticipated expenditures for existing projects and activities to continue at the current level or scope. Details of salaries and operating expenses of the agencies should be sent as additional information.
The Ministry has also invited local councils to prepare and submit mid-term budgets in accordance with the regulation on determining grants to councils, budget preparation and implementation.
Budget details to be submitted by councils:
• State block grants
• Conditional grants from government agencies
• Council Trust Fund
• Additional revenue for councils
According to the Ministry’s circular, local councils are required to share their medium-term budget details with the Ministry before 18 September
Under the budget timeline set by the Ministry, the State budget will be submitted to the Cabinet between 19 to 23 October for approval before being presented to Parliament on 30 October.