Govt revenue decline by 87% in May 2020

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The total government revenue with the exclusion of grants saw a decline of 87% in May 2020.

Moreover, this decline amounts to MVR1.4 billion as per Maldives Monetary Authority’s latest report – which is in comparison with the same month of 2019.

Furthermore the decline comes owing to a fall in both tax and non-tax revenues.

As such tax revenue saw a decline by MVR1.1 billion and non tax by MVR293.9 million.

However, total expenditure excluding amortization saw an increase by MVR52.4 million.

This marks a 3% jump in review month when compared with same month in 2019.

Moreover, growth in expenses stem from increase in capital expenditure; increasing by MVR280.5 million.

On the other hand the recurrent expenditure saw decline by MVR228.1 million.

As per latest available data the stock of government debt amounts to MVR55.8 billion in first quarter of 2020.

Moreover, the government debt comes with exclusion of government guaranteed debt.

Meanwhile government debt as a percentage of GDP saw an increase to 86% by end of first quarter of 2020.

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