Budget2023: Budget debate to commence tomorrow

Parliament of Maldives | Photo: Majlis

Malé, Maldives – Parliament of Maldives has scheduled to start the debate on the Finance Ministry’s budget for next year tomorrow.

Minister of Finance Ibrahim Ameer has proposed a state budget of MVR 42.6 billion for 2023 which is is significantly higher than the state budget approved for 2022.

While the economy is expected to improve next year compared to this year, the government hopes to receive MVR 32.1 billion in revenue and grants next year. However, the expenditure for next year has been forecasted as MVR 40.6 billion, making next year’s budget deficit by MVR 8 billion.

Speaking at todays parliament session, Deputy-Speaker Eva Abdullah said that the debate on the budget for next year is scheduled to start tomorrow.

“The budget debate is scheduled to be carried out on Tuesday, Wednesday and Thursday. The session will continue from 9 am to 10 pm. However, if the debate does not end at 10 pm on Thursday, we will continue,” she said.

Eve asked members to request the opportunity to debate the budget before 12:00 noon on Thursday. Eva further added the parliament would continue if members were present to speak in the debate and if members were not present, the session would be adjourned before 10:00 pm.

The government’s budget for next year is MVR 5.8 billion higher than the MVR 36.9 billion approved for this year.

Tax revenue is expected to account for 73.3 percent of the MVR 32.1 billion in revenue expected next year, while grants are expected to account for 7.7 percent. Revenue without grants is expected to be about MVR 29.9 billion.