The Finance Ministry says MVR 156 million from this year's budget would be spent on the Free Degree Program.
The Ministry revealed the budget allocation for the Education Sector this year and stated that MVR 5,280 million has been set aside for the Education Sector this year.
This includes MVR 4,445 million as recurrent costs and MVR 824 million as capital costs. In a further breakdown, the Ministry said this would mean MVR 54,056 per student.
According to figures released by the Finance Ministry, the budget estimates MVR 550 million for the student loan scheme. Of this, MVR 184 million is estimated to be spent on scholarships for students, while the bulk of the budget is estimated to be spent on staff salaries
In addition, MVR 3,270 million will be spent on staff salaries while MVR 192 million will be spent on students' booklists and school fees. In addition, MVR 238 million will be spent on constructing schools and universities.
The estimated state budget for 2024 is MVR 49,550 million. This includes expenditure on repayment of debt or loans and capital payments to foreign financial institutions.
These are not parts that count as expenses. Excluding these two parts, the total government expenditure in 2024 is estimated at MVR 47,317 million.
