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President-Elect Solih proposes state budget of MVR29 billion

31 October 2018, MVT 23:42
President-Elect Ibrahim Mohamed Solih during a meeting of the opposition coalition. PHOTO: HUSSAIN WAHEED/MIHAARU
31 October 2018, MVT 23:42

The Ministry of Finance and Treasury, on Wednesday, sent a state budget proposal of MVR 29 billion to the Parliament.

According to an official from the ministry, Finance Minister Ahmed Munawar will officially submit the budget of MVR 29.6 billion for the year 2019.

The Public Finance Act states that the upcoming year's budget, including the projected state revenue and expenditure, must be submitted to Parliament by the end of October.

The budget was drafted according to the wishes of the opposition coalition, including the pledges of President-Elect Ibrahim Mohamed Solih.

The official guaranteed that no changes were brought to the budget proposed by the opposition. This was also guaranteed by the finance minister and ruling Progressive Party of Maldives (PPM)'s parliamentary group leader Ahmed Nihan Hussain.

While no further information regarding the budget has been revealed as of yet, details will be formally publicized after the minister officially submits the budget at the parliament.

The outgoing president, Abdulla Yameen Abdul Gayoom, allowed Solih the opportunity to draft the state budget as per the opposition coalition's wishes earlier this month.

The parliament had approved a budget of MVR 7 billion for this year, the largest budget passed during President Yameen's regime.