The proposed budget for the year 2020 has been passed by the budget committee of the parliament with an addition of 366 million rufiyaa.
In a meeting held last night, the committee decided on the increase forecasting the sale of T-bill valuing up to 929 million rufiyaa. The addition of 366 million to the total budget is said to go towards more PSIP projects, hence totaling the new budget for the year 2020 at, 37.8 billion.
While 29.9 billion is estimated to be the income receivable, 35.6 billion is expected to be the total expenditure for the year.
The income receivable is divided into five major categories with taxes being the main contributing category, estimated to be 17.8 billion. The remaining 6.8 billion in income is expected from other sources while 5.2 billion is the forecast of foreign aid.
The budget for the year 2019 was in deficit by 5.6 billion rufiyaa.
