Maldives Parliament Approves MVR 5.1 Billion Supplementary Budget to Advance National Development Goals

Maldives Parliament has approved a supplementary budget of MVR 5.1 billion, strengthening the current fiscal framework with 75 votes in favor and 11 against. This additional funding complements the initial MVR 49.3 billion budget approved earlier this year.

The proposal was reviewed by the Budget Review Committee, which comprises members from the Public Accounts Committee and Economic Affairs Committee. After thorough discussion, the committee passed the budget without amendments, paving the way for swift parliamentary approval.

This supplementary budget was deemed essential to address funding shortfalls in the previous budget and to meet the development ambitions outlined by President Dr. Mohamed Muizzu. The allocation includes MVR 1.5 billion for recurrent expenses and MVR 3.5 billion for capital expenditures. A significant MVR 2 billion is dedicated to the Public Sector Investment Programme (PSIP), ensuring continued progress on infrastructure and public service projects.

To finance the supplementary budget, the Ministry of Finance indicated a mix of project loans, Treasury bills, and internal loans. The government aims to secure MVR 990 million from international sources and MVR 3 billion from domestic sources to meet its objectives.