Parliament approves MVR 42.8 bn budget for 2023

28 Nov 2022 | 13:41

The Parliament has approved a state budget of MVR 42.8 billion for 2023.

The budget was approved after 61 members of parliament voted in favor of passing the budget during today's parliament sitting. However,  8 members of parliament voted against the proposed budget. 

In addition to the next year's budget, the committee also approved a supplementary budget of MVR 5.8 billion for the rest of the year. The budget supplementary budget is expected to fund Thilamale's bridge project, Addu Road Construction Project, Oil Subsidy, SIFCO Housing Project, and Aasandha.

The Finance Minister proposed a budget of MVR 42.7 billion for next year, a budget of MVR 5.8 billion larger compared to last year's budget of MVR 36.9 billion. Despite the massive budget, an additional MVR 160 million was added and approved by the parliamentary budget committee raising the budget to MVR 42.8 billion. 

The budget proposed was heavily criticized by the opposition members of parliament stating that would hurt the country's economy. However, despite the peels not passing the budget as proposed the government supermajority in Parliament has confirmed its decision to pass the budget for the year 2023.