The Parliament has successfully passed the government’s proposed MVR 5.1 billion supplementary budget, garnering strong support with 75 votes in favor during today’s session. Only 11 members opposed the motion.

This supplementary budget was reviewed by the Budget Review Committee yesterday, and it was approved without any alterations. Following the approval, the overall budget deficit has now escalated to MVR 18 billion, while the total budget for the year stands at MVR 55 billion.

Key allocations from the supplementary budget include the pursuit of MVR 1.4 billion through foreign loan assistance and MVR 3 billion from the domestic market. Notably, a significant portion of the supplementary budget—MVR 2 billion—is earmarked specifically for Public Sector Investment Program (PSIP) projects, making it the largest spending category. Additionally, subsidies receive the second-largest allocation.

This year, 70 percent of the total budget has been directed towards recurrent expenses, culminating in MVR 36.4 billion allocated for this purpose. Concurrently, capital expenditures, which focus on project spending, will see an increase from MVR 15 billion to MVR 19 billion as a result of the supplementary budget.

Overall, the passage of this budget highlights the government's ongoing commitment to financial management and prioritization of development projects.