A parliamentary committee has approved an increase of MVR 60 million for the next years state budget. 

The Parliament's Budget Committee resolved yesterday to include an additional MVR 160.5 crore in the budget along with the suggested changes to the PSIP after a two-week investigation.

The committee members have agreed a final budget of MVR 42.8 billion after these changes. 

Almost 70% of budgets is allocated to paying governments employee's wages and office maintenance which approximately and that is approximately MVR 29 billion. Additionally, MVR 14 Billion has been set aside in the budget for PSIP, development projects and other initiatives. 

The government is required to raise MVR 11.3 billion to balance next years budget. The MVR 8.9 billion for the deficit, MVR 1.1 billion for loan repayment and the MVR 4.88 billion for the SDF fund are all included. The funds will be raised by selling green or blue bonds to the international market as well as T-bills and bonds to the home market.