Parliament Requests Finance Ministry to Resubmit MVR 6.5 Billion Supplementary Budget

The Parliament has instructed the Finance Ministry to resubmit the MVR 6.5 billion supplementary budget initially submitted last week. This resubmission should include the details mandated by the Public Finance Act.

The supplementary budget, amounting to MVR 6.5 billion, was initially presented to the Parliament last Wednesday. However, the Parliament could not convene on Tuesday due to a lack of quorum, preventing the budget discussion. The supplementary budget was not included on the agenda for Wednesday’s session.

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Parliament’s Communications Director, Hassan Ziyau, stated that the supplementary budget had been submitted without the details required by the Public Finance Act. Subsequently, the Parliament requested the Finance Ministry to provide the missing information. Despite the request, the Finance Ministry did not include all the necessary details when resubmitting the budget.

In a letter signed by Speaker Mohamed Nasheed on Tuesday, the Parliament instructed the Finance Ministry to resubmit the supplementary budget with all the required details.

The supplementary budget proposed by the Parliament includes MVR 3.1 billion for recurrent expenditure and MVR 3.3 billion for capital expenditure. The allocation for recurrent expenditure includes MVR 1.8 billion for subsidies and MVR 1.2 billion for Aasandha, increasing the Aasandha budget for the year to MVR 2.3 billion.

The capital expenditure allotment comprises MVR 1.7 billion for PSIP projects. With the MVR 6.5 billion supplementary budget, the total state budget in 2023 will reach MVR 49.3 billion.