Expenditure reach MVR9.5bn, deficit hits MVR2.4bn

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The cumulative total of state expenditure increases to MVR9,478.3 million (MVR9.5 billion) as of 13 May, reports Ministry of Finance.

Ministry of Finance also reports in their latest Weekly Fiscal Development, the cumulative total of state revenue reached MVR7,056.6 million (MVR7.1 billion).

Both revenue and expenditure compositions do not show significant changes from the previous week.

Meanwhile, the overall balance for the review period is a deficit of MVR2,421.7 million (MVR2.4 billion) with the obvious excess of expenditure against revenue earned.

The state body in their recent statistics also reveal that the net issuance from the period of 09 to 13 May was nil.

Cumulative total of tax revenue by the review period stood at MVR5,481.5 million (MVR5.5 billion), which shows improvement compared to the cumulative total of MVR5,051.9 million (MVR5.1 billion) earned in the corresponding period last year.

In 2020, state earnings observed a massive slow-down from March through mid-June following the border closure measures in light of the Covid-19 outbreak in the country.

On the other hand, the cumulative total of non-tax as of review period reached 1,504.1 million (MVR1.5 billion) which too, showed improvement against MVR1,387.8 million (MVR1.4 billion) collected in the same period of 2020.

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