The Budget Review Committee has approved the supplementary budget of USD 332 million as proposed by the government. This supplementary budget was presented to Parliament on October 24.
The submission of this supplementary budget follows the earlier approval of an initial budget of USD 3.2 billion for the current fiscal year. The proposal was debated in Parliament and subsequently referred to the Budget Review Committee, which includes members from both the Public Accounts Committee and the Economic Affairs Committee.
On Monday, the Budget Review Committee approved the budget as proposed by the government. The motion received robust support and was passed without any amendments. Following this approval, the supplementary budget will be forwarded to Parliament for a final decision.
The supplementary budget was proposed due to the inadequacy of the state budget to fulfil the visions outlined by President Dr. Mohamed Muizzu and his administration. The budget includes USD 97.3 million as recurrent expenses and USD 227 million as capital expenditures. Notably, USD 129.7 million of the supplementary budget is allocated for the implementation of Public Sector Investment Programme (PSIP) projects, ensuring continuity in these initiatives.
The Ministry of Finance has indicated that the supplementary budget will be financed through project loans, the sale of Treasury bills, and internal loans. Specifically, the government plans to secure USD 64 million from international sources and USD 194 million from internal sources.