Finance Ministry begins compiling State Budget 2019

Ministry of Finance and Treasury has begun compiling the projected State budget for 2019.

Minister of Finance and Treasury, Ahmed Munawwar has confirmed the office has begun work on compiling the budget for the upcoming year, and said the office will submit the budget to the People’s Majlis in compliance with the law.

The law states the projected State budget for the coming financial year must be submitted by October 31 of the ongoing year.

Minister Munawwar said the makeup of the budget is consistent with the policies of the current administration. And that the decision on incorporating new policies into the budget will be made by the Cabinet.

He noted that the incoming administration has the opportunity to inject its policies and make any amendments to the budget when it is submitted to the Majlis.

The projected State budget for 2019 will be the current administration’s last budget submission.

The current administration, led by President Abdulla Yameen Abdul Gayoom lost its bid for reelection when it lost to the parliamentary group leader of Maldivian Democratic Party (MDP), Ibrahim Mohamed Solih ((bu) during the presidential elections held in Maldives on September 23.

Ibu won the election with support from 58.4 percent of the voters, while Yameen won 41.6 percent of the vote. It is the highest margin for a presidential elections win since the introduction of party system to Maldives.