Parliament approves MVR 42.8 bln budget for next year

The Parliament has approved the budget for next year, keeping with the increasing annual trend.

Finance Minister Ibrahim Ameer presented an MVR 42.7 billion budget for next year earlier on October 31. After evaluating the budget, the Budget Committee added MVR 160 million to the budget, increasing the total budget for next year to MVR 42.8 billion.

During Monday's Parliament sitting, 61 members voted in favor of the budget, while eight voted against it.

Tax revenue is expected to account for 73.3 percent of the MVR 32.1 billion in revenue expected next year. Grants are expected to be 7.7 percent. Therefore, revenue without grants will be about MVR 29.9 billion.