Parliament approves MVR 49.8 bln budget for 2024

The Parliament has approved the budget proposed for the upcoming year.

The Parliament's Budget Committee brought amendments to the original budget proposed by the Finance Ministry. While the ministry presented a budget of MVR 49.5 billion, the modifications made by the committee increased the overall budget to MVR 49.8 billion.

The original budget submitted by the Finance Ministry allocated MVR 8.6 billion for development projects under the Public Sector Investment Program (PSIP). However, the committee added additional projects under the PSIP and increased the budget for the sector to MVR 8.9 billion.

Furthermore, the committee reallocated MVR 400 million, initially designated for President Dr. Mohamed Muizzu's major project, the Fushidhiggaru dredging initiative, to other projects.

The revised budget received unanimous approval with a vote of 68 members during Wednesday's Parliament session.