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Parliament approves MVR 6.5 B supplementary budget

Mohamed Rehan
21 November 2023, MVT 09:07
Maldives parliament--
Mohamed Rehan
21 November 2023, MVT 09:07

Parliament on Monday, November 20, approved the MVR 6.5 billion supplementary budget for the current fiscal year.

As approved by the budget committee, the bill was passed at the parliament during Monday's sitting with 57 votes; while 10 of The Democrats members argued against it.

With the inclusion of the supplementary budget, the 2023 state budget has increased to MVR 49.4 billion.

Supplementary Budget Details

- Total recurrent expenditure: MVR 3.1 billion

- Total capital expenditure: MVR 3.3 billion

Under the newly allocated recurrent expenditure, MVR 1.8 billion will be spent additionally on subsidies, with another MVR 1.2 billion allocated for Aasandha - the state-initiated health insurance scheme - bringing the annual total expenditure for the scheme to MVR 2.3 billion.

Capital expenditure increment in the supplementary budget is contributed to the increased expenditure towards Public Sector Investment Program (PSIP); with MVR 1.7 billion allocated for 12 projects. The largest portion of this allocation has been designated for the land reclamation project in Addu City; with a total of MVR 344 million allocated.

Additionally, the allocation for PSIP includes MVR 335 million for the airport development project of Haa Dhaalu atoll Hanimaadhoo, and another MVR 290 million to install sewerage systems in 34 islands.

The additional budget has an allocation of MVR 150 million to complete the PolCo housing units with another MVR 146 million designated for the Thilamale' Bridge project.

With the inclusion of the supplementary budget, the recurrent expenditure of the state will increase to MVR 31.7 billion.

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