State budget 2022 passed with additional MVR 73 million

The state budget of MVR 36.9 billion presented by Minister of Finance Ibrahim Ameer for 2022, has been passed by the budget committee, with the addition of MVR 73 million.

Minister of Finance, Ibrahim Ameer presented the proposed state budget of MVR 36,925,424,524 to the parliament.

The Budget Committee passed the proposed budget after adding MVR 73 million for the implementation of PSIP projects, on Thursday night.

As such, the additional funds are MVR 57.42 for PSIP projects at 82 islands.

With this, the total state budget for 2022 adds up to MVR 36,999,280,550.

The additional funds also include MVR seven million to implement People’s Majlis new policy initiatives as well. Further, it also includes MVR 500,000 for the digitalization of the Department of Judicial Administration, MVR 1.69 million for the digitalization of civil services and for other projects under the judicial transformation of civil service, MVR 865,636 for the procurement of staff to boost Family Protection Authority services, MVR 2.2 million for hiring employees to the Ombudsperson's Office for Transitional Justice, MVR 3.9 million for the hiring of more staff to the Anti-Corruption Commission to complete the MMPRC scandal probe, MVR 204,000 for seeking a law firm to represent the Information Commissioner’s Office and MVR 73,756.026 which adds up to MVR 16,433,418 for independent institutions.

According to the proposal, the projected expenditure in total, inclusive of loan repayments as well as constitutions to the international financial institutions are set at MVR 36,925,424,524.

Inclusive of revenue and grants, the projected revenue in total is MVR 24.3 billion, meaning that an 11.1 percent of GDP deficit of MVR 9.7 million is predicted.

In order to finance the state budget 2022, MVR 13.4 billion is required in total including MVR 9.7 billion in deficit, MVR 2.9 billion in loan repayment as well as the MVR 769.2 million for sovereign development fund transfers and MVR 35.7 million for other purposes.

Minister Ameer expects the government to receive a total of MVR 24.3 billion as revenue and grants in 2022, including 15.4 billion as tax revenue and MVR six billion as non-tax revenue. MVR 2.9 billion has been anticipated to be received in grants and other sources of revenue.