The Parliament's Budget Review Committee on Friday approved the budget plans for the upcoming year.
The Finance Minister presented a budget of MVR 42.7 billion for next year, a budget MVR 5.8 billion larger compared to the MVR 36.9 billion approved for this year.
The committee passed the budget on Friday after adding MVR 160 million to the proposed budget. Therefore, the total budget for next year will increase to MVR 42.8 billion. The budget was approved with the votes of the majority of committee members.
The committee approved next year's budget with a majority vote of the committee members.
The Budget Committee consists of all members of the Economic Committee and the Public Finance Committee of the Parliament. Although the committee has approved the budget, the final decision on the budget will be taken by the Parliament. The Parliament will decide on the Budget Committee's report after it is submitted to the House and debated by members.
According to Finance Minister Ibrahim Ameer, next year's budget is aimed at ensuring fiscal and debt sustainability while mitigating the economic crisis and the rise in commodity prices caused by the Russian-Ukrainian war.