Ministry of Finance has submitted the estimated state budget for 2020 to the parliament.
The finance ministry is required to send the state budget before the end of October each year. The decision was made to present a USD 2.5 billion budget for the coming year, according to the Fiscal and Debt Strategy Report published by the ministry.
The estimated budget for 2020 is USD 2.5 billion, of which the total expenditure will be USD 2.3 billion of the total budget. It is estimated the government would receive USD 1.9 billion as revenue and grants in 2020, of which tax revenue constitutes the major earning.
The 2020 state budget will constitute a deficit budget of about USD 356 million while grants and aids include USD 259 million. The baseline recurrent expenditure would consist of USD 1.2 billion while baseline capital would amount to USD 712 million.
Finance Minister Ibrahim Ameer stated the budget for 2020 includes funds for infrastructure upgrading of the government ministries and implementing the manifesto proposed by the government.
A supplementary budget of USD 110 million had been passed by the parliament last August.