Supplementary budget set to raise total budget to MVR 55bln

The Finance Ministry proposed a supplementary budget of MVR 5.1 billion, raising the total budget for this year to MVR 55 billion. Presenting it in Parliament, Finance Minister Moosa Zameer said the original budget was poorly constructed with insufficient allocations and lacked cost-cutting measures, and noted gaps in 2023 accounting. The deficit will increase from MVR 16.3 billion to MVR 18.4 billion. Revenue is expected at MVR 36.4 billion, recurrent expenditure at MVR 36.3 billion, capital expenditure at MVR 19 billion, and budget financing at MVR 19 billion (including foreign and domestic loans). Student loan allocation rises to MVR 1 billion and corporate expenditure to MVR 2.1 billion.

The Finance Ministry proposed a supplementary budget of MVR 5.1 billion, raising the total budget for this year to MVR 55 billion. Presenting it in Parliament, Finance Minister Moosa Zameer said the original budget was poorly constructed with insufficient allocations and lacked cost-cutting measures, and noted gaps in 2023 accounting. The deficit will increase from MVR 16.3 billion to MVR 18.4 billion. Revenue is expected at MVR 36.4 billion, recurrent expenditure at MVR 36.3 billion, capital expenditure at MVR 19 billion, and budget financing at MVR 19 billion (including foreign and domestic loans). Student loan allocation rises to MVR 1 billion and corporate expenditure to MVR 2.1 billion.

The Finance Ministry proposed a supplementary budget of MVR 5.1 billion, raising the total budget for this year to MVR 55 billion. Presenting it in Parliament, Finance Minister Moosa Zameer said the original budget was poorly constructed with insufficient allocations and lacked cost-cutting measures, and noted gaps in 2023 accounting. The deficit will increase from MVR 16.3 billion to MVR 18.4 billion. Revenue is expected at MVR 36.4 billion, recurrent expenditure at MVR 36.3 billion, capital expenditure at MVR 19 billion, and budget financing at MVR 19 billion (including foreign and domestic loans). Student loan allocation rises to MVR 1 billion and corporate expenditure to MVR 2.1 billion.

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