Maldives parliament on Monday, November 20, approved the MVR 6.5 billion supplementary budget for the current year.
As approved by the budget committee, the bill was passed at the Monday’s sitting with 57 votes; but faced contention from The Democrats’ 10 MPs.
Following the legislative approval, the current state budget is at MVR 49.4 billion inclusive of the supplement.
Supplementary Budget Details
- Recurrent Expenditure: MVR 3.1 billion
- Capital Expenditure: MVR 3.3 billion
Under the supplementary budget allocation of recurrent expenses, MVR 1.8 billion will be spent on subsidies and another MVR 1.2 billion on Aasandha – the state-initiated health insurance scheme.
Capital expenditure increase is attributed to the increase in expenditure towards Public Sector Investment Program (PSIP); with MVR 1.7 billion allocated for 12 projects. The largest portion of this allocation has been designated for the land reclamation project in Addu City; at MVR 344 million.
The PSIP allocation includes another MVR 335 million for the airport development project of Haa Dhaalu atoll Hanimaadhoo and MVR 290 million to install sewerage systems in 34 islands.
The budget also has an allocation of MVR 150 million to complete the PolCo housing units, and another MVR 146 million for the Thilamale’ Bridge project.
With the supplement, the recurrent expenditure of the state will increase to MVR 31.7 billion.