Parliament Approves Massive MVR 42.8 Billion Budget for 2023

The People’s Majlis, on Monday, approved a state budget of MVR 42.8 billion for the upcoming fiscal year.

The budget was approved with the votes of 61 parliamentarians from the 69 who took part in the vote. Eight voted against approving the budget.

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A massive budget of MVR 42.7 billion was been presented to the Parliament on 31st October 2022. The Parliamentary Budget Committee, following their research of the budget, decided to approve a budget of MVR 42.8 billion, with an additional MVR 161 million.

The Committee has advised that special emphasis be given to securing MVR 161 million in grant assistance and the collection of unpaid taxes from individuals. They also underlined the need to submit any necessary supplementary budget requests for approval in advance.

In addition, the Parliament on Monday authorized an MVR 5.8 billion supplementary budget to the one already approved for this year. The supplementary budget will be used to fund the Thilamale’ bridge project, Addu road development project, oil subsidy, SIFCO housing project, and Aasandha.

Budget 2023, according to Minister Ameer, aims to alleviate the difficulties caused by the COVID-19 economic crisis and rising commodity prices on the market as a consequence of the Russia-Ukraine war, as well as ensure fiscal and debt sustainability. The state budget for 2023 is MVR 5.8 billion greater than the budget approved for the year 2022.

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