State expenditure surge to MVR13.1b, revenue remains sluggish

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The cumulative total of state expenditure has risen to MVR13,130.9 million (MVR13.1 billion) as of 16 July 2020.

As such, Ministry of Finance reveal while expenditures were surging the revenue remains sluggish.

Moreover the ministry reveals cumulative total revenue with the inclusion of grants hit only MVR6,863.8 million (MVR6.9 billion) in the 28th week of the year.

State revenue is experiencing major slow-down in light of the Covid-19 pandemic.

Earlier, the country’s tourism industry came under complete stagnancy as global aviation slowed down.

The expense composition reveal 70% of spending on recurrent and remaining 30% on capital.

Meanwhile, the revenue composition reveal 78% of earning from tax-sources and remaining 22% from non-tax sources.

The overall balance for the period gives a deficit of MVR6,267.1 million (MVR6.3 billion).

Moreover the net issuance for review period, gives a surplus of MVR37.3 million.

Government securities worth MVR3,318.1 million (MVR3.3 billion) were issued while securities worth MVR3,280.8 million (MVR3.3 billion) matured.

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