State expenditure hit MVR17.8bn, deficit at MVR7.9bn

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Maldives state expenditure as of 17 September 2020 reaches MVR17,816.0 million (MVR17.8 billion) – on a cumulative basis.

On the other hand, the cumulative total of state revenue remains sluggish due to the Covid-19 pandemic’s presence.

Ministry of Finance reports the state revenue – on cumulative basis – have reached only MVR9,947.9 million (MVR9.9 billion).

Moreover, expenditure composition reveals 69% of total spending towards recurrent expenses and remaining 31% towards capital expenses.

As of revenues, 78% of total earnings came from tax sources and remaining 22% from non-tax sources.

Overall balance for the review period stood at a deficit of MVR7,868.0 million (MVR7.9 billion).

Meanwhile, net issuance for the week, 13 to 17 September 2020, stood at a deficit of MVR104.4 million.

Government securities worth MVR1,981.5 million matured while securities worth MVR1,877.0 million were issued.

Furthermore, cumulative total of tax revenues hit MVR7,751.2 million (MVR7.6 billion) as of 17 September.

On the other hand, cumulative total of non-tax revenues for the review period stood at MVR1,639.3 million (MVR1.6 billion).

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