The Finance Ministry has presented a supplementary budget to Parliament today, requesting more than MVR 5 billion (MVR 5,119,508,129) to address pressing financial needs.
The government outlined three primary reasons for this budget proposal:
1. The previous administration allocated insufficient funds for various projects.
2. Budgeting practices in 2022 and 2023 relied heavily on cost-cutting measures without adequate preparation for actual expenditures.
3. Significant discrepancies in accounting figures for 2023 have created large financial gaps.
The proposed supplementary budget allocates MVR 2 billion for Public Sector Investment Program (PSIP) projects, MVR 1.02 billion for subsidies, and MVR 441.4 million for government companies. Additionally, MVR 650 million has been earmarked for the contingency budget.
Further allocations include MVR 458.4 million for student loans, MVR 200 million for medical consumables, MVR 262.6 million for medical assistance, and MVR 24.4 million for salaries and wages.
The supplementary budget anticipates an additional MVR 640 million in revenue, raising the total projected revenue to MVR 34.1 billion. With this budget supplement, the overall budget for the current fiscal year will approach MVR 55 billion.
Parliament is expected to discuss the supplementary budget in the coming sessions, as the government seeks to address these critical financial issues.
The government outlined three primary reasons for this budget proposal:
1. The previous administration allocated insufficient funds for various projects.
2. Budgeting practices in 2022 and 2023 relied heavily on cost-cutting measures without adequate preparation for actual expenditures.
3. Significant discrepancies in accounting figures for 2023 have created large financial gaps.
The proposed supplementary budget allocates MVR 2 billion for Public Sector Investment Program (PSIP) projects, MVR 1.02 billion for subsidies, and MVR 441.4 million for government companies. Additionally, MVR 650 million has been earmarked for the contingency budget.
Further allocations include MVR 458.4 million for student loans, MVR 200 million for medical consumables, MVR 262.6 million for medical assistance, and MVR 24.4 million for salaries and wages.
The supplementary budget anticipates an additional MVR 640 million in revenue, raising the total projected revenue to MVR 34.1 billion. With this budget supplement, the overall budget for the current fiscal year will approach MVR 55 billion.
Parliament is expected to discuss the supplementary budget in the coming sessions, as the government seeks to address these critical financial issues.
