Finance Minister Abdulla Jihad has sent the 2015 projected annual state budget to the People’s Majlis for approval.
While speaking to local media outlet Sun Online, Jihad said that the budget was sent to the parliament last Thursday and that it would be higher than the budget for the year 2013.
The estimated budget for the current year was set at a record MVR 19.95 billion (US$ 1.16 billion). At the time the budget deficit stood at MVR 1.3 billion (US$ 84.3 million).
Jihad revealed in August that the government’s spiralling deficit could leave it unable to pay the salaries of civil servants.
The World Bank warned the government in late 2013 that it was spending well beyond its means noting that some of the biggest expenses were high civil service wages bill, healthcare, and electricity subsidies and transfers to state owned enterprises.
A report released by the World Bank stated that the budget deficit at the time at 81 percent of the GDP was unsustainable and predicted that the deficit could rise to about 96 percent by the year 2015.
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I hope that Gov, will do its best to reduce its wastage of money on land reclamation projects this year and put a ceiling on health insurance scheme.
Current health insurance scheme need to amend to target to those who are in need of the service and for those who below certain level of income.
No point of providing universal health insurance to those who can afford to pay their own medical bills.
@Hero
keep on dreaming.Yameen is not the economist you beleieve him to be.He is just a mortal man trying to survive.You can only hope.Hoping doesnt make any difference.Your economists closeset economic advisor is a thug who graduated from an unknown university in colombo.Its pathetic when morns like you keep your bets on Adheeb,adhurey and Nihan