Parliament of Maldives has passed a USD 2.45 billion State Budget for 2020. The State Budget was passed with votes from 77 of the 78 parliamentarians in attendance.
The Government of Maldives initially submitted a USD 2.42 billion State Budget. However, the Parliamentary Committee on Budget passed to include an additional USD 23.770 million to the State Budget.
The additional amount would be allocated for Public Sector Investment Programme (PSIP) and administrative costs of government offices. The additional amount would be provided by selling treasury bills, according to the committee. The estimated total expenditure for 2020 is earmarked as USD 2.3 billion. It is also estimated the government would receive USD 1.9 billion as revenue and grants in 2020, of which tax revenue constitutes the major earning.
Speaking at the parliament, Minister of Finance Ibrahim Ameer said the State Budget was formed with a focus on establishing the necessary infrastructure in Maldives. He said the budget will enable the opportunities for a better and a contented life, adding providing the people with better opportunities for an improved and a more gratified life has been central to the budget allocations and developmental efforts.