Budget of MVR16.4 billion for 2014 submitted to parliament
30 Oct 2013, 3:38 PM
An estimated budget of MVR16.4 billion (US$1 billion) for 2014 was submitted to parliament today by Finance Minister Abdulla Jihad, with a projected deficit of 2.5 percent of GDP.
Presenting the budget this morning, Jihad said the forecast for government revenue in 2014 was MVR13.9 billion (US$901 million), with income from taxation projected at MVR10.2 billion (US$661 million) and non-tax revenue of MVR3.5 billion (US$226 million).
In addition, MVR2.3 billion (US$149 million) was expected from new revenue raising measures.
As government expenditure in 2014 was estimated to be MVR14.9 billion (US$966 million), Jihad said, the resulting budget deficit would be MVR988 million (US$64 million).
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