The Budget Committee has passed the proposed state budget for 2023, with an additional MVR 160 million.

Minister of Finance Ibrahim Ameer presented the proposed stated budget for 2023, to parliament on on October 31. The People’s Majlis forwarded the proposed state budget for 2023, for committee review the same day.

The proposed state budget for 2023 was MVR 42.6 billion. After several researches and discussions, the Budget Committee on Friday made the decision to approve the proposed budget after adding MVR 160 million to the budget.

MVR 160 million was approved after the adjustments brought to the proposed Public Sector Investment Programs (PSIPs).

The Budget Committee approved a budget of MVR 42.8 billion for 2023.

According to the timeline set, the Budget Committee was given until November 17, to complete the review. Parliamentarians are to begin the debate on the committee report on November 21.

The budget is expected to be passed by the parliament before the end of November.

The state budget proposed for 2023 is by far the biggest state budget recorded in recent history.

The proposed budget states that the projected revenue for 2023 is MVR 32 billion.

Although the projected state budget for 2023 is inclusive of loan repayments as well as contributions to the international financial institutions, it is not counted as expenditure.

Excluding loan repayments as well as contributions to the international financial institutions, the state budget is predicted to amount to MVR 40.55 billion.