Final Budget Report to be tabled
By Thameenah Razeek
Cabinet concurred to table the Ministry of Finance’s Annual Report for 2020 (Final Budget Statement Report) which was released on 31 May in Parliament.
The proposal was tabled by the Prime Minister in his capacity as Minister of Finance. According to Section 13 of the Fiscal Management (Responsibility) Act No. 3 of 2003, the Minister of Finance must submit the Annual Report (Final Budget Report) to Parliament and the public within five months of the end of each fiscal year.
The report examines macroeconomic and socioeconomic indices by analysing the impact of the COVID-19 pandemic on economic variables such as financial trends, economic development by 2020, global economic development and the real sector, domestic demand and supply, investment savings, and foreign and monetary sector development.
A full examination of the final budget statement, including Government revenue and expenditure, cash flow management, deficit finance, and debt, is also included in the report.