Adhadhu has learnt that the State Budget to be proposed by the Finance Ministry for 2025 is around MVR 56 billion.
A presentation on the first budget prepared by the government of President Dr. Mohamed Muizzu was shown to MPs at Muleeaage on Tuesday evening. Some MPs who attended the meeting said the debt for the record budget stands at MVR 16 billion.
MPs said the draft budget forecasts MVR 56 billion for expenditures and revenue of MVR 40 billion in 2025.
According to the fiscal strategy released by the Finance Ministry, next year's budget is expected to be around MVR 54.8 billion. The expenditure is estimated at MVR 46.6 billion and revenue is expected to be MVR 41.2 billion.
An MP from the ruling party told Adhadhu that the biggest target next year is housing with MVR 1.5 billion allocated for the construction of flats and MVR 1 billion allocated for housing loans.
The State Budget for the ongoing fiscal year was at MVR 49.8 billion. However, the government exceeded the amount allocated for expenditure and the budget was supplemented with an additional MVR 5 billion pushing the total State Budget for 2024 to MVR 55 billion.
