Parliament Approves Budget for Fiscal Year 2024

Today, Parliament approved an additional MVR 300 million, increasing the fiscal year 2024 budget to MVR 49.8 billion. The Finance Ministry had initially submitted a budget of MVR 49.5 billion, but the budget committee’s review led to an augmentation of MVR 306 million.

During the committee stage, the highest increase in budget was directed towards Public Sector Investment Programme (PSIP) projects, with a specific rise of MVR 249 million. This adjustment raised the total PSIP project budget from MVR 8.6 billion to MVR 8.9 billion.

- Advertisement -

The budget for the upcoming year received approval from 68 lawmakers participating in the vote.

Fushidhiggaru Falhu was Removed from the Mining Allocation

During the budget presentation, Fushidhiggaru Falhu, which was President Muizzu’s ambitious plan to resolve housing issues, was initially allocated MVR 400 million, was removed. The Maldivian Democratic Party (MDP), holding a majority in both the Parliament, and budget committee, cited the project’s lack of specified funding details as the reason for its exclusion.

MDP reallocated MVR 200 million from the Fushi Dhiggaru Falhu project to complete the previous government’s housing scheme in Hulhumale’, with the remaining MVR 200 million directed towards PSIP projects in the atolls.

MDP clarified that removing the budget for Fushidhiggaru Falhu reclamation was part of prioratisiing reclaiming land from Hulhumale’ and Giraavaru Falhu under the previous government’s household scheme without initiating new projects for the Male’ region.

Budget Breakdown

  • Total Budget: MVR 49.8 billion.
  • Revenue: MVR 33.5 billion.
  • PSIP: MVR 8.9 billion.
  • Deficit: MVR 16.3 billion, with 70% allocated to recurring expenses, totalling MVR 34.8 billion.
- Advertisement -