State expenditure hit MVR2.8bn in December 2020

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The state expenditure as of December 2020 stood at MVR2,809.4 million (MVR2.8 billion), reports Ministry of Finance.

Moreover, the ministry further states the state revenue inclusive of grants for the review month stood at MVR1,466.7 million (MVR1.5 billion).

Revenue and grants for the month saw a decrease of 32.3% in comparison with corresponding month of 2019.

Furthermore, the decline is due to tax and non-tax receipts falling relatively in comparison with December 2019.

Total expenditure for the month saw a drop by 30.8% in comparison with December 2019.

Moreover, expenditure saw a decline by MVR845.4 million due to significantly lower losses and write-offs.

Fiscal balance for the review month gives an overall deficit of MVR1,342.7 million (MVR1.3 billion).

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