Projected State Budget 2016 to be submitted to parliament before end of October

Minister of Finance Abdulla Jihad has said that the Projected State Budget 2016 would be submitted to the parliament before the end of this month.

Jihad told Sun Media that efforts are now ongoing to finalise next year’s budget.

He did not mention the budget amount.

According to the Public Finance Act, the projected budget for the year ahead should be submitted to the parliament before 31 October.

The budget passed for 2015 was for MVR 24.3 billion. This included MVR 21.5 as projected revenue, MVR 15.8 billion as Recurrent Expenditure, and MVR 8.5 billion as Capital Expenditure.