Parliamentary Budget Committee Approves 2024 State Budget

The parliamentary budget committee has given its unanimous approval to the proposed state budget for 2024, now standing at MVR 49.8 billion following amendments that include an additional MVR 306.1 million.

During the committee’s deliberations, several adjustments were made to the budget, resulting in an increase of MVR 306.1 million from the initially proposed amount. This decision was reached after careful consideration, involving both a reduction in funding for certain projects and an increase for others. 

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Notably, the committee decided to cut the allocated MVR 400 million for the Fushidhiggaru Falhu reclamation project. The redistributed funds are now earmarked for various other projects.

President Dr. Mohamed Muizzu, in alignment with his commitment to addressing the housing needs of all citizens, had previously pledged to complete the Fushidhiggaru project. 

The initiative involves the reclamation of 1,280 hectares in Fushidhiggaru Falhu, with plans to allocate 11,000 land plots and 26,000 flats connected by a bridge and high-speed ferry service.

Muizzu, who considers the Fushidhiggaru project a cornerstone in addressing the housing crisis in the Greater Male’ Region, has expressed his determination to commence reclamation within his first 100 days in office.