Parliament will hold a sitting this week to proposed the projected state budget for 2018, VNews has learned.
The budget was initially to be proposed during the sitting that was being scheduled for Thursday. However, parliament secretariat later informed MPs that the sitting was postponed for this week.
According to VNews’ sources, the sitting will be held on Wednesday, but parliament secretariat has not yet confirmed it. Sittings are usually held on Mondays, Tuesdays and Wednesdays.
Finance ministry officials told the media that the projected state budget for 2018 was forwarded to the parliament on October 30.
The Maldivian constitution states that the projected state budget for the upcoming year has to be submitted to the parliament before the end of the year, and the State Finance Act states that it should be sent to the parliament by end of October.
This year’s MVR 26.8 billion state budget was proposed in November last year with an estimated revenue of MVR 21.9 billion. However, the figures have changed with the passage of a MVR 493 supplementary budget last month.
The supplementary budget consists of MVR 330 million for the health sector, MVR 26 million for parliamentary by-elections, MVR 40 million to run Kaadedhdhoo Airport, MVR 70 to digitize schools and the remaining for other expenditures.
Finance minister Ahmed Munawar said government forecasts that the income generating measures outlined in this year's budget will not be able to yield expected results. The supplementary budget also includes proposed measures to generate income. These measures involve amendment of the revenue stamp law and tax laws.
Minister Munawar said MVR 20.8 billion will be generated as income this year, while expenditure will be at MVR 22.5 billion.