State expenditure hit MVR19.8bn, deficit at MVR9.03bn

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The cumulative total of state expenditure in 2020 reaches MVR19,851.2 million, reports Ministry of Finance.

Moreover, the authority confirms cumulative total of state revenue reaching MVR10,818.5 million.

As for expenditure composition, 69% of the total is towards recurrent spending with the remaining 31% on capital expenditure.

On the other hand, 77% of total revenue came through tax sources with the remaining 23% coming from non-tax sources.

Meanwhile, the overall balance for the review period stood at a deficit of MVR9,032.7 million (MVR9.03 billion).

As per Ministry of Finance records, cumulative tax revenues reach MVR8,355.6 million as of 08 October 2020.

Sluggish due to ongoing Covid-19 pandemic, the revenue remains significantly behind state expenditure.

Furthermore the cumulative non-tax total hit MVR2,007.8 million as of review period.

Both revenue components show lower collection in comparison with the corresponding period of 2019.

Cumulative tax revenue back in 2019, by 8 October stood at MVR13,198.0 million while non-tax stood at MVR4,235.9 million.

Additionally, Maldives government received MVR592.1 million in foreign grants so far in 2020.

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