State revenue, grants decline by 78% in July 2020

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The year-to-date analysis shows a decline of 78% in state revenue and grants, reports Ministry of Finance.

Moreover, the ministry reports total revenue and grants for the month stood at MVR682.2 million.

The decline is compared with the corresponding month of 2019, noting primary contributing factor from a drop by MVR1,611.1 million in tax revenues.

Furthermore, the ministry identifies this decline coming as a direct impact of the Covid-19 pandemic.

On the other hand, non-tax revenues stood at MVR326.5 million, showing falls due to drop in property income receipts.

Meanwhile, total expenditure for the review period stood at MVR2,070.0 million.

Ministry of Finance reports state expenditure saw a 7.1% decline in comparison with the same month of 2019.

However, capital expenditure saw significant surge from 2019 by 104.8%, coming from a MVR290.2 million relative increase in Investment Outlays.

In contrast to this, recurrent expenditure saw decline by MVR519.2 million in comparison with the same month last year.

According to Ministry of Finance, overall fiscal balance for July 2020 gives a deficit of MVR1,387.8 million.

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