State expenditure hit MVR21.7bn, deficit increase to MVR10.3bn

President Solih during a previously held Capital Market Forum | Photo: The Edition

The cumulative total expenditure of Maldives government reaches MVR21,713.4 million (MVR21.7 billion), reports Ministry of Finance.

Moreover, the authority confirms revenue and grants remain sluggish due to the prevailing economic conditions.

State revenue slowed down in 2020 in light of the Covid-19 global pandemic.

Furthermore, the cumulative total of revenues inclusive of grants stood at MVR11,384.7 million (MVR11.4 billion) as of 29 October 2020.

From total expenditure, 69% spending has been made towards recurrent expenses and the remaining 31% towards capital spending.

On the other hand, 77% of total income came from tax sources with the remaining 23% earned from non-tax sources.

Meanwhile, GST receipts along with Business Profit Tax maintain ranks as top revenue contributors.

As of 29 October, the overall balance stood at a deficit of MVR10,328.7 million.

Net issuance for the week stood at MVR161.2 million.