Minister of Finance Moosa Zameer has affirmed that the state-revenue generated will exceed the anticipated amount in the year's state budget by year-end. The remarks were made by the minister following the submission of the supplementary budget to the parliament.
The supplementary budget, worth a total of USD 332 million, includes USD 97.3 million as recurrent expenses and USD 227 million as capital expenditures. The state budget allocated was worth USD 3.2 billion, with USD 2.2 billion anticipated to be received as donations, aid, and revenue. Of these, donations valued at USD 1.8 billion has been received as of September 30.
Speaking at the Parliament, Minister Zameer expressed optimism in the state-revenue increasing than the expected value by year-end, through unexpected income and the measures implemented to boost the state-revenue. The minister expects the government to receive an additional sum of USD 41.5 million from the total state-revenue and from donations.
Regarding the financial situation of the country, Minister Zameer stated that the negative impacts of not taking essential measures to reduce fiscal deficit for a long period of time included difficulties in securing loans in concessional periods, and straining the government's reserves. He urged the government to ensure that the budget is allocated sustainably with the reforms being introduced.
An additional USD 3.6 billion will be added to this year's state budget when the supplementary budget is passed. Last year, a supplementary budget of USD 421 million was approved to cover state expenses.