Ministry of Finance has announced plans to submit the estimated state budget for 2025 to the parliament before this month ends. According to the Public Finance Act, for each financial year, the finance ministry must prepare and submit the budget to the parliament two months prior to the beginning of the fiscal year.
The ministry indicated that it is currently working in collaboration with the President's Office and other ministries to compile the state budget for the upcoming year. The proposed budget will incorporate updated information regarding the Public Sector Investment Programme (PSIP) projects and other initiatives planned for launch next year. However, the ministry is yet to disclose the estimated budget figure for 2025.
This year, the budget approved by the previous Parliament amounted to USD 3.2 billion. The current administration faced challenges in executing developmental projects because of how the state budget was allocated. It noted that insufficient amounts were allocated for big infrastructural projects as well. The ministry has assured that the proposed budget for 2025 will include adequate funding for projects.