Committee OKs MVR 6.5bn supplementary budget

Budget Committee convenes for a meeting on November 16, 2023. (Photo/People's Majlis)

The Parliament’s Budget Committee has passed the MVR 6.5 billion supplementary budget submitted by the Finance Ministry for this year.

With the MVR 6.5 billion supplement, the state budget for this year will increase from MVR 42.8 billion to MVR 49.3 billion.

The budget was passed by the committee on Thursday.

The supplementary budget submitted to the Parliament includes MVR 3.1 billion for recurrent expenditure and MVR 3.3 billion for capital expenditure.

The allotment for recurrent expenditure includes MVR 1.8 billion for subsidies, MVR 1.2 billion for Aasandha – which will increase the budget allocated for Aasandha this year to MVR 2.3 billion.

The supplementary budget will increase total recurrent expenditure to MVR 31.7 billion.

Meanwhile, funds for capital expenditure are being supplemented mainly due to the increase in spending on PSIP projects – an additional MVR 1.7 billion has been allotted for PSIP projects.