The Edition


Parliamentary committee passes supplementary budget

Fathmath Shaahunaz
26 August 2019, MVT 10:06
Finance Minister Ibrahim Ameer (C) speaks at the budget committee meeting regarding the government-lobbied supplementary budget, on August 25, 2019. PHOTO: NISHAN ALI / MIHAARU
Fathmath Shaahunaz
26 August 2019, MVT 10:06

The parliamentary committee passed the government-lobbied supplementary budget to add MVR 1.7 billion to this year's state budget late Sunday.

All members present at the budget committee meeting voted unanimously in favour of the supplementary budget. The committee also approved Hanimaadhoo MP Abdul Ghafoor Moosa's proposal to submit a recommendation to grant seven minutes to every lawmaker to debate the budget.

The state budget for 2019 will increase from the currently set MVR 30.2 billion to MVR 31.9 billion with the supplementary budget, while government expenditures will increase from MVR 27.3 billion to MVR 29 billion. Overall deficit will amount to MVR 4.9 billion.

The new changes to the budget add MVR 618.8 million and MVR 100 million granted as free aid by Saudi Arabia and India respectively to the state revenue, bringing it up to an estimated MVR 24 billion by the end of the year.

According to the documents submitted by Ministry of Finance to increase the budget, MVR 1.1 billion is allocated for capital expenditures and MVR 588 million for recurrent expenditures.

New allocations in increased budget:

- MVR 300 million for loans and scholarships

- MVR 18.7 million for Bar Council and National Arbitrary Centre

- MVR 295.4 million for five tertiary hospitals

- MVR 350 million for Small and Medium Enterprises

- MVR 189.4 million to grant subsidies

- MVR 225 million for budget contingency

- MVR 150 million to develop Hulhumale' Hospital