Male’, Maldives – Finance ministry has announced that a budget of MVR 35 billion will be submitted to the parliament for the year 2021.
While this is a lower amount than the approved budget of MVR 37.8 billion for this year, the chief financial budget executive of Finance Ministry, Ahmed Sharvas Adam has told that the proposed budget would be sent to the parliament before the mandatory deadline of October 31. He told that even though there were delays in preparing the budget due to the economic issues amid the Covid-19 pandemic, that the ministry was confident to send in the proposed budget before the deadline.
He also stated that even though the budget is smaller than that of 2020, people should look in to the more important aspects of the budget such income and deficit. He also stated that the new revised budget for 2020 would also be submitted to the parliament very soon and that even with the revisions, no major changes would be seen compared to the MVR 37.8 billion approved budget for this year.
The Parliament of Maldives had approved a whopping MVR 37.8 billion budget for this year with estimated income of MVR 30 billion to the state. However, due to the Covid-19 pandemic, the foretasted scenario survey shows that only MVR 9.5 billion would be received as income to the state in taxes this year. It is estimated that the government would be receiving MVR 9.5 billion as income tax, MVR 3 billion in other incomes and a maximum of MVR2.9 billion as aid, totaling up the state income to MVR 15.2 billion for the year.