Budget presentation postponed to 27 November

The presentation of the annual budget to the Parliament has been postponed to Tuesday, 27 November.

The Parliament Office said that the date had to be postponed from 26 to 27 November following a request by the Ministry of Finance.

Minister of Finance Abdullah Jihad has informed the Parliament via a letter that the compilation of the budget cannot be completed by 26 November.

This means that the Parliament debate on the budget will commence on 4 December - seven days after the budget is submitted to the Parliament as required by the rules.

Jihad will attend the Parliament on 27 November and present a budget summary brief on the current economic position of the country.

Parliament’s Public Accounts Committee has decided to meet with Jihad prior to the presentation of the budget to the Parliament.

Jihad has said that next year's budget cannot exceed this year's, and that next year's state income is also unlikely to exceed this year's.

He has also said that the recommendations of the International Monetary Fund (IMF), including restricting dollar exchange amounts for resorts and increasing tourism taxes, will be presented to the Parliament with the budget.