Male’, Maldives – The Finance Ministry of Maldives has submitted the proposed budget of the state, for the year 2020, to the Parliament.
Earlier this year, the Chief Financial Budget Executive of the Finance Ministry, Ahmed Sharuvash Adam revealed that the budget expected for the year 2021 is MVR 35 billion, and that it would be proposed to the Parliament prior to the end of October.
As per part (a) of article 32 of the Public Finance Act of Maldives, the proposed budget for the upcoming year must be prepared and submitted by the Minister to the Parliament at least one month prior to the beginning of the new year. As such, the deadline for the submission of the budget would be 30th of November.
While the Ministry revealed that the budget has been submitted, no further details have been revealed with regards to the amount of the budget.
Although proposed, the state budget would only be approved if passed by majority votes of the Parliament.