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Parliament passes MVR 37.9 billion budget for 2021

Mariyam Malsa
30 November 2020, MVT 15:14
The parliament has approved the 2021 State Budget. PHOTO: MIHAARU
Mariyam Malsa
30 November 2020, MVT 15:14

The Parliament, on Monday, approved the 2021 State Budget of MVR 37.9 billion following amendments by the parliamentary budget review committee.

The budget report presented by the committee was approved with the votes of 68 out of 70 parliamentarians that attended the session.

Notably, the committee had approved an addition of MVR 134 million to the initial MVR 34.7 billion budget submitted by the Ministry of Finance 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 billion for state expenditures.

The budget review committee also decreased the finance ministry's original estimate of budget deficit from MVR 15.5 billion to MVR 12.3 billion.

Following the review, the projection for revenue and foreign assistance was increased to MVR 21.1 billion, compared to the finance ministry's figure of MVR 17.8 billion.

The parliamentary committee also amended the list of strategies suggested by the finance ministry to increase national income in 2021.

Adjustments made by the budget review committee

- GST: MVR 598 million

- Green tax revenue: MVR 253 million

- Airport service charge: MVR 218 million

- Fee for sale or exchange of land plots: MVR 700 million

- Other sources of rent and revenue from tangible assets: MVR 1.34 billion

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