Maldives Budget Review Committee Approves MVR 5.1 Billion Supplementary Budget

The Maldives Budget Review Committee has unanimously approved a supplementary budget of MVR 5.1 billion to meet critical public expenditures for the remainder of the fiscal year. The proposal, presented by Finance Minister Moosa Zameer, aims to supplement the existing MVR 50 billion budget approved earlier this year, bringing the total 2024 budget to MVR 55 billion. The supplementary budget will be financed through project loans, local loans, and treasury bill sales, with MVR 1 billion expected from foreign sources and MVR 3 billion raised domestically.

At a committee meeting attended by Finance Minister Moosa Zameer, Central Bank Governor Ahmed Munawwar, and Auditor General Hussain Niyazy, Maamigili MP Qasim Ibrahim proposed the budget increase, emphasizing the importance of prioritizing public service needs. The proposal was seconded by Velidhoo MP Mohamed Abbas, and committee members voted unanimously in favor.

Key allocations in the supplementary budget include:

- Contingency budget: MVR 650 million

- Student loans: MVR 458 million

- Medical supplies: MVR 200 million

- State-owned companies: MVR 441 million

- Public Sector Investment Program (PSIP): MVR 2 billion for uninterrupted project implementation

- *National Social Protection Agency (NSPA): MVR 263 million

- Salaries: MVR 24 million

In presenting the budget, Minister Zameer highlighted the government’s commitment to sustaining essential services and progressing infrastructure developments through the Public Sector Investment Program (PSIP). This supplementary budget, he noted, adheres to the Finance Act requirements, ensuring public service continuity while maintaining the fiscal stability needed for the coming months.