The Parliament approved a budget of MVR 56.6 billion for the upcoming year, omitting a recommendation that required the government to provide detailed information on planned projects.
Initially, the Budget Committee had passed the budget on the condition that project details for 2024 be submitted. However, during the final voting session, MP Husni Mubarak of the People’s National Congress (PNC) proposed an amendment to remove this requirement. The amendment was approved with 68 votes in favor and 11 against. The budget was subsequently passed with the support of 70 members.
The approved budget is MVR 1.6 billion higher than the total adjusted budget for this year, which includes a supplementary budget, bringing the 2023 total to MVR 55 billion. For 2024, the government projects revenue at MVR 39.8 billion, including MVR 2.6 billion in free aid.
Key Budget Figures:
- Total Budget: MVR 56.6 billion
- Projected Revenue: MVR 39.8 billion
- Public Sector Investment Program (PSIP): MVR 12.4 billion
- Recurrent Expenses: MVR 36 billion
- Deficit: MVR 9.4 billion
- GDP Growth Estimate: 6.4%
Recommendations Excluded:
Several recommendations made by the Budget Committee were removed from the final budget, including:
- Sorting PSIP programs based on specific criteria.
- Submitting a list of work to be completed by February 2024.
- Providing a detailed report by March 2024 on signed government projects, indicating which will proceed and which will not.
- Submitting quarterly progress reports on projects to Parliament in 2024.
The Budget Committee also recommended reviewing Maldives Inland Revenue Authority’s (MIRA) enforcement measures under the Tax Act and proposing amendments to the Administrative Taxation Act to address challenges. Additionally, they suggested identifying issues in targeting subsidies and preparing an implementation schedule to be submitted to Parliament, but these recommendations were not included in the final approval.
