The state budget of 36.9 billion MVR presented by Finance Minister Ibrahim Ameer for 2022 was adopted by the budget committee, with the addition of 73 million MVR.
Finance Minister Ibrahim Ameer presented the state budget proposal of 36,925,424,524 MVR to parliament.
The budget committee adopted the proposed budget after adding MVR 73 million for the implementation of the PSIP projects on Thursday evening.
As such, the additional funds are MVR 57.42 for PSIP projects in 82 islands.
With this, the total state budget for 2022 amounts to 36,999,280,550 MVR.
The additional funds also include seven million MVR to implement new political initiatives of the People’s Majlis. In addition, it also includes 500,000 MVR for the digitization of the Department of Judicial Administration, 1.69 million MVR for the digitization of public services and for other projects within the framework of the judicial transformation of the civil service, 865 636 MVR for the purchase of personnel to strengthen the Family Services Protection Authority, MVR 2.2 million for the hiring of employees at the Office of the Mediator for Transitional Justice, MVR 3.9 million for the hiring more staff to the Anti-Corruption Commission to complete the investigation into the MMPRC scandal, MVR 204,000 for seeking a law firm to represent the Information Commissioner Office and MVR 73,756,026, which is equivalent to MVR 16,433,418 for independent institutions.
According to the proposal, the total projected expenditure, including loan repayments as well as constitutions to international financial institutions, is set at 36,925,424,524 MVR.
Including revenue and subsidies, the total projected revenue is MVR 24.3 billion, which means that a deficit of 11.1% of GDP of MVR 9.7 million is expected.
In order to finance the 2022 state budget, a total of 13.4 billion MVR is needed, including 9.7 billion MVR in deficit, 2.9 billion MVR in loan repayment as well as 769.2 million MVR for sovereign development funds transfers; and MVR 35.7 million for other purposes.
Minister Ameer expects the government to receive a total of MVR 24.3 billion in revenues and grants in 2022, of which 15.4 billion in tax revenue and 6 billion MVR in non-tax revenue . MVR 2.9 billion is expected to be received in the form of grants and other sources of income.