Supplementary Budget Approved, Heads to Committee for Deliberation

MV+ News Desk | November 14, 2023
Photo: People’s Majlis

In today’s parliamentary session, the approved supplementary budget is set to be referred to the committee, marking the initiation of deliberations scheduled to commence tomorrow.

The Finance Ministry introduced the supplementary budget to the parliament on October 18, proposing an additional MVR 6.509 billion for the current fiscal year. The supplementary budget primarily focuses on allocating funds for Public Sector Investment Programme (PSIP), Aasandha, subsidies, and capital contributions to government-owned entities.

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Of the additional funds, MVR 1.85 billion is earmarked for subsidies, MVR 1.26 billion for Aasandha, and MVR 1.78 billion for PSIP projects.

The Finance Ministry highlighted that the acceleration of PSIP project implementation contributed to higher expenditures this year. Moreover, certain planned measures to curtail spending were not executed as intended, leading to a decrease in the anticipated savings.

The upcoming debate on the supplementary budget is scheduled for tomorrow, with each participating member allocated five minutes for their contributions. Subsequent to the debate, the committee will grant two minutes to each member interested in discussing the report. The motion received majority approval from the 38 members who participated in the vote.

Tomorrow’s session agenda is now set to commence discussions on the supplementary budget, reflecting the ongoing commitment of parliamentary members to address critical fiscal matters.

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