Maldives’ Finance Ministry has decided to revise the national budget passed by the parliament and re-submit the new budget for parliament approval.
Finance Ministry said the revised budget for 2020 will be submitted to the parliament, which is currently on leave, as soon as it reconvenes.
The ministry had stated their intention to revise the budget even earlier. It is also working on preparing the budget forecast for 2021.
A record budget of MVR 37 billion was approved for the current year, with the government estimating a revenue of MVR 29 billion for the year. However, the estimated revenue has now been revised to MVR 15 billion in the face of the COVID-19 pandemic. Out of this, only MVR 8 billion has been generated as revenue until now. The government hopes the tourism sector will pick up over the next few months, further enhancing the revenue.