The People's Majlis has approved the proposed state budget for 2023.

The state budget for 2023 was approved in Monday's parliament sitting with the vote of 61 members. Eight members voted against approving the proposed state budget.

Minister of Finance Ibrahim Ameer presented the proposed stated budget for 2023, to parliament on on October 31, following which the People’s Majlis forwarded the budget to the Budget committee the same day to be reviewed.

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.

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.