Committee approves MVR 5.8B addition to this year’s budget

Parliament’s Budget Committee, on Friday, has concluded to approve the supplementary budget of MVR 5.8 billion to this year’s approved budget, at the request of the Finance Ministry.

At a meeting held on Friday evening, the Committee approved the state budget for next year, and the supplementary budget to cover the reaming of this year.

This supplementary budget will be used to fund Thilamale’ bridge project, Addu road development project, oil subsidy, SIFCO housing project and Aasandha.

Parliament Speaker Mohamed Nasheed, commenting on the supplementary budget in an earlier sitting of the Parliament, said that he is unable to understand how this year’s supplementary budget is included in the project state budget for 2023.

He underscored that if parliamentary approval is sought for additional funds to the state budget, the request must be submitted through a motion to the Parliament, one month prior to when the funds are required, as dictated in the Public Finance Act.

“Whilst Finance Minister has expressed the need for an additional MVR 5.8 billion to the budget approved by People’s Majlis for 2022, and included the same in the projected state budget for 2023 – I am unable to understand why a supplementary budget required for 2022 is included in that budget as of present,” he had said.

Stating that it is unlikely MVR 5.8 billion in additional funds will be incurred in November and December – Nasheed said that the amount which has been spent without parliament’s approval from the additional funds remains unclear. 

Budget Committee added MVR 160 million to the MVR 42.7 billion budget initially proposed by the government, approving a total budget of MVR 42.8 billion.