The Fiscal Responsibility Act 2013 (FRA) requires the government to submit to the Majlis a “Statement of Fiscal Strategy" before July each year. The purpose of the report is to ensure that the policy actions taken by the government are in accordance with the policy strategies proposed in the “Statement of Fiscal Strategy” The FRA also requires the government to submit a “Budget Position Report” to the People’s Majlis every year, after the national budget for the following year is presented to the People’s Majlis. The “Statement of National Debt Strategy” provides information regarding the steps being taken by the government to repay and maintain national debt in a sustainable and efficient manner. The “Statement of Fiscal Strategy” sets out the medium-term fiscal framework and annual expenditure ceilings that are consistent with achieving the fiscal objectives. The FRA also requires the government to submit to the Majlis a “Statement of Fiscal Strategy”, and a “Statement of National Debt Strategy” before July each year. The FRA sets certain fiscal rules such as the balance budget rule and the debt rule and defines the escape clauses for the rules. The FRA came in force in 2014 with the objective of achieving fiscal stability, improving fiscal transparency and enhancing the accountability of the government to the parliament. In the Maldives, the fiscal policy framework is governed by the Fiscal Responsibility Act 2013 (FRA). The links to the budget documents are also available on the Ministry of Finance's websiteįiscal policy is one of the tools used by the government to achieve its economic and social objectives. Please click the link below to access to the Budget 2023 website. The budget deficit for 2023 is 8.6 billion, amounting to 8.3% of GDP. The government is expected to receive MVR 32.1 billion as revenue and grants in 2023. The Approved Budget for 2023 is MVR 42.8 billion of which total expenditure is MVR 40.7 billion. The fiscal year of the Maldives runs from 1st January to 31st December. According to the PFA “for each financial year, the minister must prepare and submit the budget to the parliament two months prior to the beginning of the fiscal year”. The Minister of Finance is responsible for preparing the budget and submitting it to the People’s Majlis (parliament) for approval as stipulated in Article 32 of the Public Finance Act 2006 (PFA). The budget is a document which provides estimates for revenue, expenditure and borrowing and outlines the fiscal policy of the government for a specified period ahead.
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