State revenue, grants drop by 47.9% in September 2020

Maldives state revenue and grants stood at MVR904.8 million for September 2020, reports Ministry of Finance.

The exclusive figure for the review month is a 47.9% decrease in comparison with the corresponding month in 2019.

Moreover, the decline in tax receipts from GST and Property Income acts as contributory factors towards the decrement in the revenues.

On the other hand, total expenditure saw a decrease by 27.4% in comparison with same month of 2019.

Capital expenditure saw a dip of 18.4% from that of September 2019, which comes from a MVR80.63 million drop in Development Projects and Investment Outlays.

Furthermore, recurrent expenditure slumped by 31.1% due to losses and write-offs at MVR436.79 million.

Meanwhile, fiscal balance for the month gave an overall deficit of MVR1,317.7 million.