Parliament’s Budget Committee Approves MVR 6.5 Billion Supplementary Budget

The Budget Committee of the Parliament has greenlit the MVR 6.5 billion supplementary budget proposed by the Finance Ministry for the current fiscal year.

Following the approval, the total state budget for this year will witness an increase from MVR 42.8 billion to MVR 49.3 billion.

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The committee endorsed the budget during its session today.

The supplementary budget presented to the Parliament encompasses MVR 3.1 billion earmarked for recurrent expenditure and MVR 3.3 billion designated for capital expenditure.

Within the recurrent expenditure allocation, MVR 1.8 billion is allocated for subsidies, while an additional MVR 1.2 billion is earmarked for Aasandha, thereby raising the total budget for Aasandha to MVR 2.3 billion for this fiscal year.

The supplementary budget is poised to elevate the overall recurrent expenditure to MVR 31.7 billion.

Simultaneously, the augmentation in capital expenditure funds is primarily attributed to the escalated expenditure on Public Sector Investment Program (PSIP) projects, with an additional MVR 1.7 billion being allocated for these initiatives.