Supplementary Budget of MVR 5.1 Billion Presented to Parliament

The Maldivian government has introduced a supplementary budget of MVR 5.1 billion to enhance the current fiscal year's budget. Finance Minister Moosa Zameer presented the budget during a session in parliament, emphasizing that the previous budget, passed by the interim government, did not reflect the current administration's vision.

Key allocations in the supplementary budget include MVR 650 million for contingencies, MVR 458 million for student loans, MVR 200 million for medical consumables, and MVR 2 billion for ongoing PSIP projects. The total budget for 2024 is expected to reach MVR 55 billion, with revenues projected at MVR 34 billion. The supplementary budget raises the overall deficit to MVR 18 billion, which is approximately 16% of the country's total productivity.

Funds will be sourced from project loans, local financing, and treasury bill sales, with the government planning to raise MVR 1 billion from foreign entities and MVR 3 billion domestically. The finance ministry highlighted the rising costs associated with expanding tertiary hospital services and necessary medical supplies.

This budgetary adjustment aims to ensure essential expenditures align with the needs of the Maldivian people, particularly in health and education sectors, while managing the country's debt, projected to reach 118% of the gross domestic product by year-end.