Revised 2014 budget stands at record MVR 17.5 billion
10 Dec 2013, 9:15 PM
Zaheena Rasheed
After several weeks of delay, the Ministry of Finance and Treasury has submitted a record budget of MVR 17.5 billion (US$ 1.1 billion) with a projected deficit of 2.2 percent of GDP.
On October 30, former President Dr Mohamed Waheed Hassan’s administration proposed a budget of MVR 16.4 billion (US$ 1 billion), but with the election of President Abdulla Yameen, the Majlis asked the Finance Ministry to revise the budget to include the ruling Progressive Party of the Maldives’ (PPM) campaign pledges.
In his inauguration speech, Yameen warned the country’s economy was in “a deep pit” and pledged to reduce state expenditure. Local media reports quote Yameen saying he would cut expenditure by amounts varying between MVR 1 billion and 4 billion. Yameen reappointed Finance Minister Abdulla Jihad soon after assuming the presidency.
The rise in total expenditure from MVR 16,410,803,668 (US$ 1 billion) to MVR 17,532,761,744 (US$ 1.1 billion) is mainly due to a MVR 1,120,837,239 (US$ 72,687,239) increase in recurrent expenditure, which continues to account for over 73 percent of the state budget.
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
