Budget 2027: Committee approves timeline to finalize budget review within two weeks

The Parliament has approved a motion to finalize the proposed state budget for 2027 by November 19.

This decision was approved during a meeting held by the Budget Review Committee on Thursday. As part of the process, the committee has scheduled a session for November 9 to summon the Ministry of Finance for questioning regarding the budget.

However, in accordance with the Standing Orders of the People’s Majlis, a date has yet to be scheduled to summon the Maldives Monetary Authority (MMA) and the Auditor General to seek their professional opinion on the proposed budget.

Furthermore, Funadhoo MP Mohamed Mamdhooh proposed that the committee seek written feedback from independent institutions rather than holding in-person meetings. The committee subsequently approved this proposal. However, expressing concern over the decision, MDP Member for South Hithadhoo, Ibrahim Nazil, moved a counter-proposal to allow representatives from independent institutions to appear before the committee and present their views in person.

Consequently, the committee has also supported the proposal submitted by MP Nazil.

To achieve the government's established targets, a budget of MVR 59,704,440,795, has been submitted to the People’s Majlis for the year 2027.

Finance Minister Hassan Zareer stated that the government’s total expenditure within the proposed budget is estimated at MVR 52.6 billion. Of this amount, MVR 42.7 billion is allocated for recurrent or operational expenses, while MVR 9.9 billion has been earmarked for capital expenditure, which includes development projects and investments.

Minister Zareer also stated that the capital expenditure includes MVR 8.2 billion allocated for Public Sector Investment Program (PSIP) projects.