People’s Majlis has provided its backing to the MVR 26.7 billion projected State budget for 2017 as passed by Budget Evaluation Committee.
People’s Majlis provided its approval to the budget with the vote of 60 MPs during this Thursday’s Majlis sitting.
15 MPs voted against the budget.
51 percent of the MVR26.7 billion budget – MVR 14 billion is recurrent expenditure, the remaining 49 percent is capital expenditure.
The projected income is MVR 22.8 billion, and the projected debt is MVR 3.4 billion.
Major 16 PSIP projects for 2017:
1. Hulhumale’ development – MVR 121 million
2. H. Dh. Kulhudhuffushi airport (with land reclamation) – MVR 157 million
3. Sh. Funadhoo airport (with land reclamation) – MVR 150 million
4. G. Dh. Faresmaathodaa airport (with land reclamation) – MVR 147 million
5. F. NIlandhoo Airport (with land reclamation) – MVR 171 million
6. IGMH new building – MVR 1.3 billion
7. 600 housing units after land reclamation – MVR 90 million
8. Saudi King’s mosque – MVR 230 million
9. Male’-Hulhule’ bridge – MVR 287 million
10. Ibrahim Nasir International Airport (INIA) development – MVR 864 million
11. Projects linked to Male’-Hulhule’ bridge – MVR 34 million
12. Land reclamation of 20 lagoons larger than 10 hectors for trade – MVR 107 million
13. Thilafushi incinerator – MVR 100 million
14. New finance building – MVR 132 million
15. Water and sewerage – MVR 101 million
16. Other projects – MVR 4 billion
Minister of Finance and Treasury, Ahmed Munawwar announced that the projected budget was designed to run the economic development plans made by the government. He also said that the income and expenditure would be more balanced.
Budget Evaluation Committee made no change to the total amount of expenditure budgeted for PSIP projects, but made 13 amendments to individual projects.
Additional income generators included in the budget are; an Airport Development Charge, a congestion tax in Male’, increase in import duty on tobacco products and fizzy drinks, a change in dividend policy of State-involved companies, introduction of a minimum dividend rate, lease of land, sale of taxi permits, and acquisition fees from Special Economic Zones.