The Parliament has overwhelmingly approved the government's proposed budget of USD 4.2 billion for the upcoming fiscal year, passing the ambitious spending plan without any changes to its overall consolidated figure.
The crucial vote during the Parliament sitting on Tuesday saw 74 lawmakers in favour, while a dozen opposed, solidifying the government's economic roadmap for the next twelve months.
The comprehensive budget, amounting to precisely USD 4.2 billion projects a total revenue of USD 2.6 billion, leaving a proposed deficit of USD 583.7 million, which the government aims to manage through various financial instruments. Estimated total expenditure for the year are projected to run at USD 3.2 billion, comprising a significant recurrent expenditure of USD 2.6 billion and USD 603.1 million allocated for capital projects. Public Sector Investment Programme (PSIP) projects alone are slated to incur costs of USD 518.8 million.
A substantial portion of the budget, USD 603.1 million, has been earmarked for the repayment of government securities and bonds, reflecting the government's commitment to its debt obligations. When factoring out these specific repayment costs, the operational budget effectively stands at USD 3.6 billion.
Prior to the full parliamentary vote, the Budget Review Committee conducted extensive consultations with various state agencies and the Ministry of Finance and Planning. The committee ultimately endorsed the budget, maintaining its overall magnitude, though it did make specific recommendations.
These included an increase of USD 226,977 from the special budget allocated to parliamentary administration to address operational needs. Additionally, the committee passed to urge the government to expedite the construction of additional office buildings, aiming to alleviate existing space constraints faced by governmental departments and significantly reduce rental costs across the public sector.
Addressing concerns raised by independent institutions regarding funding for to execute their legal responsibilities, the Ministry provided assurances to Parliament, affirming that necessary funds would be made available through the overall budget should any institution encounter difficulties in fulfilling its legally mandated duties.
The Budget Review Committee's report was thoroughly debated by lawmakers on the Parliament floor before the final vote, underscoring the legislative body's scrutiny of the nation's financial blueprint. The decisive approval marks a significant step in the implementation of the government's economic agenda for the forthcoming year.