Parliament approves USD 3.7 bln budget for 2025

The Parliament has approved a budget of USD 3.67 billion for 2025, following extensive debate and review. The budget was passed with the support of 70 members after the Budget Committee submitted its report to Parliament.

The government initially presented the budget on 31 October 2024. It allocates USD 3.19 billion for expenditure, including USD 2.33 billion for recurrent expenses and USD 863 million for capital expenditure. Key allocations in the 2025 budget include USD 803 million for development projects under the Public Sector Investment Programme (PSIP). Total revenue and grants are estimated at USD 2.58 billion, with an additional USD 428 million expected to be saved through various reforms and cost-cutting measures.

Described as a responsible financial plan, the budget projects a deficit of USD 610 million, marking the lowest deficit in recent history. The Budget Committee recommended sorting PSIP programmes based on established criteria, with the government required to submit a list of prioritised projects to Parliament by February 2025. Additionally, the committee advised the government to submit details of all signed projects by March 2025 to determine their feasibility.

To ensure transparency and accountability, the Budget Committee proposed quarterly progress reports to Parliament throughout 2025. Following deliberations, the committee’s report was approved with 68 votes in favour.