Parliament’s Budget Committee has passed the proposed budget by the government for the year 2022 – with an addition of MVR 73.8 million.
The Committee passed the budget during a meeting held tonight – in consideration that Finance Ministry’s projected state revenue for next year, MVR 24 billion, will be received. The Committee decided that this amount shall be received, by the unanimous vote of all its members.
The MVR 73.8 million added by the Committee to the budget is to allocated as follows; MVR 57.4 billion to carry out PSIP projects at 82 islands; an additional MVR 73,782 to the special budget of Finance Ministry for political parties; MVR 7 million to implement People’s Majilis’ new policy initiatives in addition to increase in budget of seven independent institutions.
The seven independent institutions and the additional budget allocations for them are as follows; MVR 500,000 for the digitalization of the Department of Judicial Administration; MVR 1.69 million for Civil Service Commission; MVR 2.2 million to procure staff for Ombudsperson's Office for Transitional Justice; MVR 3.9 million to procure additional staff for Anti-Corruption Commission; MVR 204,000 for Information Commissioner’s Office and MVR 865,636 to procure staff for Family Protection Authority.
Finance Ministry proposed a budget of MVR 36.9 billion to the Parliament, on October 23.
The projected total expenditure inclusive of loan repayments and contributions to international financial institutions is MVR 36.9 billion - whilst the projected total revenue inclusive of revenue and grants is MVR 24.2 billion. This means a deficit of MVR 9.7 billion – which is 11.1 percent of the GDP.
To finance next year’s budget – a total of MVR 13.4 billion needs to be secured. That is the MVR 9.7 billion in deficit, MVR 28 billion needed to repay loans and MVR 805 million needed for other purposes.