Today, Parliament approved a supplementary budget of MVR 5 billion, which was proposed by the government to cover additional expenditures for the remainder of the year. The finance ministry presented the supplementary budget to the parliament last Thursday, seeking an increase to last year’s budget. The proposal was reviewed by a parliamentary committee and was unanimously endorsed without significant debate.
During the parliamentary session, the supplementary budget received overwhelming support, with 75 members voting in favour, 11 against, and no abstentions. The approved funds are allocated to several key areas of national interest.
An amount of MVR 2 billion is designated for Public Sector Investment Programme (PSIP) projects, aiming to enhance infrastructure and public services across the nation. State-owned enterprises (SOEs) will receive MVR 441.1 million to support and improve their operations.
The contingency budget is set to receive MVR 650 million, providing a financial buffer for unforeseen expenses that may arise. In the education sector, MVR 458 million has been allocated for student loans, facilitating greater access to higher education for Maldivian students.
The health sector stands to benefit significantly, with MVR 200 million earmarked for medical consumables and an additional MVR 262.6 million for medical assistance. These funds are expected to improve healthcare services and ensure the availability of essential medical supplies.
Subsidies amounting to MVR 1.02 billion have been approved to support various economic sectors and alleviate financial burdens on the population. Additionally, salaries and wages will see an increment of MVR 24.4 million, addressing remuneration needs within the public sector.
With the approval of this supplementary budget, the total budget for the year has now reached MVR 55 billion. The government anticipates that the additional funds will bolster development projects, enhance public services, and stimulate economic growth.
