Ministry of Finance has said budgets to all government institutions will be released on a monthly basis next year.
In a circular issued to all government institutions, Finance Ministry said budgets will be released after the institution submits their cash flow plan to the ministry. The ministry said the budgets will be released on a monthly basis, in accordance to the budget disbursement plan submitted to the Parliament of Maldives.
The ministry also said all government offices are required to submit the expected expenditure and revenue for each month of 2020, as part of the cash flow plan. Expenditure and revenue of all projects and programmes must also be stated separately, according to the ministry.
Finance Ministry stated all institutions must be wary of preparing a work plan that does not exceed the budget approved for the institution. They also said institutions must prepare the work breakdown of all projects or programmes budgeted for the year 2020, along with the payment schedule.
Finance Ministry asked all government institutions to submit their cash flow plan for 2020 before December 23, as the ministry is required to submit the budget disbursement plans to the parliament before the end of this year.