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Parliament Budget Committee Approves Record MVR 49.8 Billion State Budget for 2024
The Parliament's Budget Committee approved a MVR 49.8 billion state budget for 2024 on Thursday, 7 December 2023, raising it by MVR 306 million above the Finance Ministry's initial MVR 49.5 billion proposal after reallocating funds across housing, infrastructure and ministry allocations. Total expenditure of MVR 49.8 billion against MVR 33.5 billion in grants and revenues leaves a MVR 16.3 billion deficit, funded partly by MVR 17.2 billion in borrowings and a planned MVR 771 million from green or blue bonds sold abroad.
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Parliament Budget Committee Approves Record MVR 49.8 Billion State Budget for 2024
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MVR 49.8 billionapproved 2024 state budgetMaldives RepublicThe Parliament's Budget Committee on Thursday approved a MVR 49.8 billion budget for 2024 after making significant adjustments to allocations for key housing and infrastructure projects.
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MVR 306 millionincrease over initial proposalMaldives RepublicThese adjustments represent an additional MVR 306 million over the initial proposal of MVR 49.5 billion submitted by the Finance Ministry.
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MVR 49.5 billioninitial budget proposalMaldives RepublicThese adjustments represent an additional MVR 306 million over the initial proposal of MVR 49.5 billion submitted by the Finance Ministry.
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MVR 43 billiondomestic budget expenditure of officesMaldives RepublicKey alterations in the budget include a unanimous approval for MVR 43 billion towards the domestic budget expenditure of offices.
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MVR 8.8 billionPSIP total allocationMaldives RepublicNotably, the Public Sector Investment Programme (PSIP) projects have seen an increase of MVR 248 million, bringing their total allocation to MVR 8.8 billion.
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MVR 248 millionincrease in PSIP allocationsMaldives RepublicNotably, the Public Sector Investment Programme (PSIP) projects have seen an increase of MVR 248 million, bringing their total allocation to MVR 8.8 billion.
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MVR 600 milliondirect subsidies allocationMaldives RepublicThe budget committee has also allocated MVR 600 million for direct subsidies.
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MVR 49.8 billiontotal expenditureMaldives RepublicThe 2024 budget is characterised by a total expenditure of MVR 49.8 billion against total grants and revenues of MVR 33.5 billion.
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MVR 33.5 billiontotal grants and revenuesMaldives RepublicThe 2024 budget is characterised by a total expenditure of MVR 49.8 billion against total grants and revenues of MVR 33.5 billion.
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MVR 16.3 billionbudget deficitMaldives RepublicThis results in a budget deficit of MVR 16.3 billion.
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MVR 17.2 billionborrowingsMaldives RepublicThe budget includes MVR 17.2 billion in borrowings and MVR 6.9 billion in foreign budget support.
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MVR 6.9 billionforeign budget supportMaldives RepublicThe budget includes MVR 17.2 billion in borrowings and MVR 6.9 billion in foreign budget support.
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MVR 771 millionplanned proceeds from green or blue bonds sold abroadMaldives RepublicAdditionally, the government plans to raise MVR 771 million by selling green or blue bonds abroad.
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