The parliamentary budget committee, on Wednesday, unanimously approved the addition of MVR 366 million to the 2020 State Budge, bringing it to a total of MVR 37.8 billion.
The Ministry of Finance submitted an MVR 37.5 billion budget for the upcoming year on November 5. The additional allocation will increase government expenditure and the budget for PSIP projects.
In order to finance the increased budget, the government has decided to sell T-bills worth MVR 929 million. Additionally, the state will also sell a samurai bond of USD 300 million to Japan. So far, the government has sold three billion T-bills in 2019.
Although the total budget allocation for island and atoll councils has not changed, the individual councils will receive more funds following the increase.