The Maldives parliament approved State Budget for 2020 expects the overall balance to hit a deficit of MVR6 billion.
Proposed by the Minister of Finance, the initial state budget observed a total of MVR37.5 billion.
In this, the ministry projected MVR29.92 billion will be generated in revenues and grants to Maldives state with a total government expenditure managed at MVR35.6 billion.
The earlier budget plan for 2020 estimated a deficit of MVR5.7 billion, which is 5.8% of Maldives GDP.
Financing for the budgetary plan will be raised through several means which includes raising MVR3.04 billion through loans and MVR4.63 billion through sale of bonds.
However, the Maldives parliament rejected the initial plan for revisions and went on to add another MVR336 million into the budget, raising the total to MVR37.97 billion.
This had brought the state expenditure up to MVR36 billion, while the financing bar was raised by increasing sale of treasury bills from MVR564 million to MVR929 million.
The changes made to budget by parliament increased the budget deficit from MVR5.7 billion to MVR6 billion which is 6.2% of the country's GDP.
