The state budget for the upcoming year and the supplementary budget for this year have been presented to parliament. Finance Minister Ibrahim Ameer presented the budgets at today's parliamentary session.
The proposed budget for next year is set at MVR 49.5 billion, with MVR 47.3 billion earmarked for expenditure and MVR 2.2 billion allocated for debt repayment. While recurrent expenditure, covering employee salaries and subsidies, constitutes 70.2 percent of the budget (MVR 34.8 billion), 29.8 percent is designated for capital expenditure, including MVR 8.6 billion for development projects under the Public Sector Investment Program (PSIP).
In addition, a supplementary budget of MVR 6.5 billion to enhance the budget for this year was also presented. The budget allocates MVR 1.3 billion for fuel subsidy, MVR 1.2 billion for Aaasandha, electricity subsidy, funding for some government-owned companies, and some loans.
Furthermore, MVR 200 million has been included in the supplementary budget for the first 100 days of the incoming government, set to assume administration on November 17.