The People’s Majlis has forwarded the proposed state budget for 2023, for committee review.
Minister of Finance, Ibrahim Ameer presented the proposed state budget of MVR 42,680,269,914 to the parliament on Monday.
Parliament Speaker Mohamed Nasheed revealed that the budget has been forwarded to the committee for review.
The budget committee is comprised of the committee on economic affairs and the committee on finances.
The committee work on reviewing the budget has since begun.
According to the timeline set for the review, Speaker Nasheed revealed that the debate will begin on November 8.
The debate will proceed for three days and the budget committee will allocate a time for the debate to begin.
The committee has been given until November 17, to complete the review. Following this, parliamentarians will begin the debate on the committee report on November 21.
The budget is expected to be passed before the end of November.
The state budget 2023 of MVR 42.68 billion, officially proposed to the People’s Majlis on Monday is by far the biggest state budget recorded in recent history.
According to the proposal, the projected revenue including expected grants for 2023 in total is MVR 32 billion. Income through tax plays a major role in state revenue.
As such, Minister Ameer expects the government to receive MVR 23.54 billion as tax revenue and MVR six billion as non-tax revenue. MVR 2.48 billion is anticipated to be received in grants and other sources of revenue.
