Revised budget delayed for the third time

Minister of Finance and Treasury Abdulla Jihad has postponed the revised budget from reaching the parliament for the third time, after recalling the budget to incorporate changes required by the new government.

Speaking to Sun today, Minister Jihad said the delay is due the large amendments that need to be incorporate to finance the projects planned by the new government. He said he hopes to propose the revised budget to parliament on Monday.

On 20 November, Finance Minister said the budget will be presented last Monday, 25 November and later said it will reach the parliament today. “Could not finish making the changes,” he said today.

Minister Jihad said earlier that President Yameen has directed him to reduce government recurrent expenditure by MVR 1 billion and noted that the government needs the parliament to approve key projects to finance the budget.

The proposed projects are the same projects proposed last year, Jihad said, and if parliament approves the projects, government will be able to increase revenue by MVR 2.2 billion.

In terms of salaries, Jihad said the government has reduced the allocation for overtime salaries to 5 percent and non-practice allowances have been maintained at 35 percent, of the overall budget. He said the new budget also proposes for subsidies to be delivered to specific targets.