The Finance Ministry has submitted a proposed budget of MVR 56.6 billion to Parliament for the upcoming year.
Presenting the budget at the Parliament today, Finance Minister Moosa Zameer said of the budget, MVR 49.2 billion would be spent on expenditure: MVR 35.9 billion for recurrent expenditure, MVR 13.3 billion for capital expenditure, and additional MVR 3.9 billion earmarked for national debt repayment.
The minister said MVR 378 million has been allocated in the budget for capital allocation and other investments in government companies, with a further MVR 3.2 billion designated for issuing loans, including MVR 1 billion for housing loans at a five percent interest rate.
The government expects to generate MVR 39.8 billion from revenue and grants, resulting in a deficit budget of MVR. 9.4 billion.
