Majlis passes record MVR 17.95 billion budget
29 Dec 2013, 6:07 PM
Zaheena Rasheed
The People’s Majlis has passed a record MVR 17.95 billion (US$ 1.16 billion) budget today.
Out of the 72 MPs present, 55 voted for the budget, two voted against and 11 abstained.
The budget deficit now stands at MVR1.3 billion (US$84.3 million). Recurrent expenditure accounts for over 70 percent of the budget.
President Abdulla Yameen Abdul Gayoom had initially proposed a MVR 17.5 billion (US$ 1.1 billion), but the People’s Majlis Budget Committee brought a number of amendments, first increasing the budget to MVR 18.3 billion (US$ 1.19 billion) and later reducing it to MVR 17.8 billion.
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