At the Fifteenth Sitting of the Third Session of the People’s Majlis held thursday the Minister of Finance and Treasury Abdulla Jihad presented the projected State Budget for 2016.
Addressing the Majlis, Minister Abdulla Jihad revealed that the projected State Budget for 2016 was MVR 27.5 billion, with 59% (MVR 162 billion) projected as recurrent expenditure.
The state revenue and grant aid was estimated as MVR 22.8 billion; with MVR 13.8 billion as tax revenue and MVR 3.8 billion in other revenue. MVR 1.2 billion is expected as grant aid. The budget deficit for 2015 was estimated at 6% of the GDP, approximately MVR 3.4 billion.
The projected annual State Budget was submitted pursuant to Article 96 (a) of the Constitution and under Article 179 of the Regulation Governing the Proceedings of the People’s Majlis, which stipulates prior to the commencement of each financial year the Minister of Finance shall submit for approval to the People’s Majlis a budget containing the projected revenue and expenditures for the year, and a statement of actual revenue and expenditures for the preceding year.
Projected State Budget for 2016 Presented to Majlis
