The Budget Committee has decided to complete all works related to the proposed annual state budget for 2025 by the 20th of this month.
Economic Committee Chairman and Fuvahmulah Central Constituency Member Ali Fazad was unanimously appointed as the Chairman of the Budget Study Committee while MP for Eydhafushi Constituency Ahmed Saleemm was appointed as his deputy.
Both the MPs were also appointed as the chairperson and vice chairperson of the supplementary budget committee.
The committee decided to review the budget by the 20th of this month. The committee also decided to send a written statement to the Auditor General and the Governor of the MMA on the budget and to send for the views of government agencies and independent institutions on the budget.
Last Thursday, the government proposed an annual state budget of MVR 56.6 billion to the Parliament.
The government's budget for next year is MVR 1.6 billion higher than this year's budget. The government also added a further MVR 5.1 billion to the budget, which was approved by the Parliament last week.
The government expects to receive MVR 39.8 billion in revenue and grants next year. In a further breakdown, the government stated that this includes MVR 37.2 billion as revenues and MVR 2.6 billion as grants.
At the same time, the government estimates that it will spend MVR 49.2 billion next year. This includes MVR 12.4 billion for PSIP, MVR 13.4 billion for capital expenditure, and MVR 35.8 billion for recurrent expenditure.
This was also the year in which the government presented the lowest deficit in recent years. The budget deficit stood at MVR 9.4 billion this year as against MVR 13.4 billion last year. The government expects the budget deficit to be reduced in the coming years.
