Finance Ministry Begins Medium-Term Budget Formulation Process

The Ministry of Finance has begun working on the Medium-Term Budget for 2025-2027. An official circular has been issued to guide the preparations for the budget, which will be presented to Parliament two months before the start of the new fiscal year.

Minister of Finance Dr. Mohamed Shafeeq has emphasized the ongoing efforts in the initial budget formulation phase. He highlighted the development of new activities, projects, and policy initiatives for the next three years. The budget will be based on the government’s manifesto for implementing its policies.

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All administrative entities have been asked to submit proposals for new policy initiatives during the initial budget formulation phase. These proposals should focus on activities and projects planned for the medium term and can be submitted through the Budget Preparation Module of the Bandeyri Portal.

The Ministry has stressed that the proposed programs and projects must be new initiatives requiring additional budget allocations. They should also aim to achieve the objectives outlined in the government’s manifesto. Submissions must explain the implications for gender equality and vulnerable demographics and align with the Sustainable Development Goals (SDGs).

Furthermore, the Ministry has emphasized the importance of proposing initiatives that produce tangible outcomes in line with budgetary allocations. These initiatives should align with overarching objectives, protect the environment, and address the impact of climate change. Guidelines have been established for submissions of new policy initiatives.

Notably, local councils specified in the Decentralization Act are not subject to the provisions of this circular. The deadline for submitting new policy initiatives and measures to increase revenue generation is set for July 4.