The Parliament's Budget Committee will complete its review of the proposed budget for next year by November 20.
The Finance Ministry has proposed a budget of MVR 56.6 billion for next year, with budget expenditure estimated at MVR 49.2 billion, and revenue and grants at MVR 39.8 billion.
The budget study committee held a meeting on Monday to agree upon a deadline to review the budget and to elect the committee's chair and vice-chair. Fuvahmulah Central MP Ali Fazad, who recently chaired the supplementary budget review committee, was elected as the Chair while Eydhafushi MP Ahmed Saleem was elected as vice-chair.
The Budget Committee also decided to seek a detailed summary statement from the central bank, Maldives Monetary Authority (MMA)'s Governor and Auditor General on the budget, as well as budget specifics from independent institutions and various government offices.
The government aims to implement cost-cutting measures that are expected to save MVR 6.6 billion in the coming year.
