State budget 2020 forwarded for committee review
4 ނޮވެމްބަރު 2019 | ހޯމަ 08:12The budget for 2020 will see the biggest PSIP in the country's history, set at MVR 10.1 billion
People\'s Majlis | Majlis
The proposed state budget of MVR 37.5 billion for the upcoming year has been forwarded for committee review.
Finance Minister Ibrahim Ameer presented the proposal for the state budget 2020 at Monday's parliament sitting.
The budget is to be evaluated jointly by the Public Accounts Committee and the Committee on Economic Affairs as stipulated under the parliament regulations.
Parliament regulations also state that a meeting of the budget committee must be held within seven days once the budget is submitted. Deliberations on the budget must begin after a period of seven days after the budget is submitted.
The State Budget 2020 is set at MVR 37.5 million and has the biggest Public Sector Investment Programme (PSIP) seen in the country’s history.
As such, the state budget for the upcoming year includes a PSIP of MVR 10.1 million, which is MVR five million more than the past year.
A recurrent expenditure of MVR 22.2 million, and MVR 6.6 million for capital expenditure has also been set under the proposal.
It also estimates to receive income and free aid of MVR 29.9 million out of which MVR 17.8 million is estimated as tax, MVR 6.8 million not in tax and MVR 5.2 million as free aid and other means.
Presenting the budget, Minister Ameer revealed that the first time the ministry has been able to compile a state budget under the government’s manifesto and “Jazeera Raajje” or island nation, vision. The budget is expected to provide a easier lifestyle for the people.
The government further envisions to complete water and sewerage projects across 157 islands within 2020-2021 under the PSIP budget. Several projects have been marked across the nation under the scope of the state budget.
