2023 vs. 2024: A Budget Comparison
According to the budget passed by the parliament yesterday for next year, government institutions in the country are set to undergo significant budgetary transformations compared to this year and upcoming year.
According to the budget passed by the parliament yesterday for next year, government institutions in the country are set to undergo significant budgetary transformations compared to this year and upcoming year.
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In this article, we will highlight the top three institutions that will see the most increase and decrease next year’s budget.
Top Three Institutions with Increased Budget
The budget for the fiscal year 2024 has been revealed to be MVR 647.79 million for the Ministry of Economic Development, marking a substantial increase from the 2023 budget of MVR 325.49 million. The notable increment stands at MVR 322.30 million, translating to a percentage increase of 99.02%.
The Ministry of Finance 2024 budget is set at MVR 1.17 billion, showcasing an increase of MVR 296.79 million compared to the 2023 budget of MVR 871.67 million. This represents a percentage increase of 34.05%.
Maldives Police Service, budgetary allocations for 2024, with a budget of MVR 2.26 billion, reflects an increase of MVR 243.32 million from the previous year’s budget of MVR 2.01 billion, signifying a percentage increase of 12.08%.
Top Three Institutions with Decreased Budget
The Ministry of National Planning, Housing and Infrastructure budget decreased for the year 2024. The allocated budget has reduced from MVR 8.55 billion in 2023 to MVR 5.22 billion in 2024, marking a decrease of MVR -3.33 billion. This accounts for a percentage decrease of 38.91%.
The Ministry of Higher Education is set to operate with a reduced budget in 2024. The budget drops from MVR 1.10 billion in 2023 to MVR 970.58 million in the upcoming year, reflecting a decrease of MVR -129.89 million or 11.80%.
The Ministry of Environment, Climate Change and Technology also experiences a budget reduction in 2024. The allocated budget decreased from MVR 1.10 billion to MVR 986.48 million, indicating a decrease of MVR -110.63 million or 10.08%.
These financial adjustments in key ministries underscore the nuanced fiscal landscape as the Maldives navigates its economic priorities in the coming year.
