State revenue observe 7.9% drop in January 2021

State revenue observes a decline of 7.9% in January 2021 in comparison with the same month of 2020.

Moreover, Ministry of Finance reports the decline comes due to a 33.9% drop in non-tax revenues for the review month.

According to the ministry’s monthly fiscal developments, the state revenue inclusive of grants stood at MVR2,079.6 million (MVR2.1 billion) in January 2021.

On the other hand, expenditure stood at MVR1,715.5 million (MVR1.7 billion).

Furthermore, total balance for the review month stood at an overall surplus of MVR364.1 million.

Although the balance gives a surplus for the month, total expenditure saw an increment by 5.1% in comparison with January 2020.

However, recurrent expenses saw a drop by 4.5% while capital expenses bumped by 58.2%.