Finance Minister Ahmed Munavvar has confirmed the project income to government from expected sources will not be met by end of the current year of 2017.
While addressing at the parliament, presenting the supplementary budget for 2017, Munavvar said the expected revenue from set sources will not be generated within the year.
A total of seven sources were listed in 2017's initial state budget for revenue generation that included acquisition cost of investments on Special Economic Zones (SEZ) accosting MVR 500 million and another MVR 500 million from land acquisition. Another MVR 261 million as concession charges collected from Male' region.
Revenue streams under the supplementary budget includes amendments to revenue stamp regulations and strengthening taxation acts.
Finance Minister detailed of MVR 20.8 million generated as revenue before 2017's end while expenditure is expected to max out at MVR 22.8 million, incurring an MVR 200,000 in deficit.
He had furthermore explained the year end budget would top at MVR 27 billion, inclusive of debt clearance and sovereign state fund debit. Finance Minister had estimated a total budget deficit of MVR 1.5 million.
Projects under supplementary budget
* Additional MVR 330 million allotted to health sector development
* MVR 26 million for by-elections of six constituencies
* MVR 40 million for Kaadehdhoo Airport operations
* MVR 70 million to digitize schools and institutions
* MVR 27 million allocated for general expenditure
With the addition of supplementary budget of MVR 493 million, the state budget of 2017 has been shifted to MVR 27.3 billion from MVR 26.8 billion.
