State expenditure hit MVR21.9bn, revenue remains sluggish

The cumulative total expenditure of Maldives government as of 05 November 2020 stood at MVR21,954.9 million (MVR21.9 billion).

Moreover, Ministry of Finance reports the revenue inclusive of grants to Maldives government remains sluggish due to Covid-19 persistence.

According to latest statistics, the cumulative revenue and grants stood at MVR11,891.6 million (MVR11.9 billion).

Expenditure composition reveals 69% of total spending made towards recurrent expenses while remaining 31% on capital spending.

Furthermore, revenue composition confirms 77% of total earnings through tax sources and remaining 23% from non-tax sources.

For the review period of 01 to 05 November, state’s net issuance stood at nil.

Meanwhile the overall balance for the review period stood at a deficit of MVR10,063.3 million (MVR10.1 billion).