State expenditure hit MVR4.9bn, deficit stretches to MVR1.2bn

Maldives state expenditure in cumulative terms reach MVR4,928.0 million (MVR4.9 billion) as of 18 March 2021.

Moreover, the state revenue, inclusive of grants in cumulative terms reach MVR3,731.1 million (MVR3.7 billion) by review period.

Expenditure composition reveals 74% of the total spend on recurrent expenses and remaining 26% on capital expenses.

On the other hand, revenue composition shows 85% of the total earnings through tax-sources with only 15% from non-tax sources.

The overall balance for the period stood at a deficit of MVR1,196.8 million (MVR1.2 billion).

Meanwhile, cumulative total of tax revenue for review period stood at MVR3,155.6 million (MVR3.2 billion).

Whereas, cumulative total of non-tax revenue hit MVR565.2 million, with capital receipts at just MVR1.8 million.

So far, Maldives state made receipt of a total of MVR9.2 million in grants.