The approved State Budget for the upcoming 2020 by Maldives parliament expects a deficit of MVR6 billion.
According to the Ministry of Finance, the initial proposal for the state budget was at MVR37.5 billion.
Moreover, the projection for expected annual state revenue and grants was MVR29.92 billion.
In addition, the total state expenditure for the year 2020 was estimated at MVR35.6 billion.
As such, the initial budget will observe an overall balance hitting a deficit of MVR5.7 billion which is 5.8% of Maldivian GDP.
The state budget financing is expected as follows;
- MVR3.04 billion from loans
- MVR4.63 billion from bonds/sukuk
- MVR564 million from treasury bills, loans, bonds and other instruments
However, the Maldivian parliament revised the budget with an addition of MVR336 million to expenditure.
Thus, the total state budget for 2020 rose to MVR37.97 billion, hiking state expenditure to MVR36 billion.
Moreover, parliament revised to sell MVR929 million in treasury bills instead of the initial value.
