The Edition

Latest

Committee approves MVR 134 million add-on to 2021 State Budget

Ahmed Aiham
24 November 2020, MVT 18:56
A photograph captured during the 2021 state budget review by the parliament. PHOTO: NISHAN ALI / MIHAARU
Ahmed Aiham
24 November 2020, MVT 18:56

The parliamentary budget committee, on Monday, unanimously approved the addition of MVR 134 million to the 2021 State Budge, bringing it to a total of MVR 37.9 billion.

The Ministry of Finance initially submitted an MVR MVR 34.7 billion budget for the upcoming year on November 5.

Although the original budget projected Maldives' total expenditure to stand at MVR 33.3 billion for 2021, the revised budget allocated MVR 33.4 million for state expenditures and carries a deficit of MVR 12.3 billion

Government revenue is divided into three categories, out of which tax will make the greatest contribution, next to non-tax income and foreign aid.

Budget allocations for different sectors

- Health sector: MVR 4 billion

- Social welfare: MVR 3.7 billion

- Economic and industrial development: MVR 7 billion

- Housing and community: MVR 2.3 billion

- Education sector: MVR 3.95 billion

- Environmental protection: MVR 1.9 billion

- Defence and security: MVR 4.2 billion

Plans to increase national income

The government intends to introduce six new measures to increase national income by MVR 2.5 billion in 2021.

- Telecom license fee changes and the introduction of a frequency spectrum charge: MVR 300 miliion

- Selling land plots to Maldivians: MVR 300 miliion

- Changes to airport development fee and airport service charge: MVR 273 million

- Leasing of land for tourism purposes: MVR 154 million

- Real estate tourism: MVR 154 million

- Introduction of a congestion charge or parking fee in Male' City: MVR 154 million

MORE ON NEWS