The total government revenue excluding grants observed a decline of MVR1.2 billion in April 2020.
As per Maldives Monetary Authority (MMA) this is a 65% decline in comparison to same period in 2019.
Moreover, the decline is owing to fall in both tax and non-tax revenue. As such, tax revenue plummted by MVR960.7 million.
Meanwhile the non-tax revenue slipped by MVR236.2 million.
On the other hand, total expenditure excluding amortisation decreased by MVR610.6 million.
Furthermore, this indicates a 24% decline in April 2020 in comparison with corresponding period of 2019.
As per MMA’s report, the decrease stems from decline of both recurrent and capital expenditure by MVR350.7 million and MVR260.0 million respectively.
According to latest available data, the stock of government debt amounts to MVR55.8 million, excluding government guaranteed debt.
This marks a 3% increase from the last quarter of 2019, while government debt as a percentage of GDP increased by 86% in first quarter of 2020.