The recent statistical updates from Maldives Monetary Authority (MMA) reveal a 131% increment in total state revenue in April 2021.
According to the central bank’s latest publication the total revenue excluding foreign grants posted an increment of MVR870.7 million in the review month in comparison with the same month in 2020.
Moreover, MMA asserts the surge in revenue was mainly due to the hike in tax revenue collections as well as a surge in non-tax revenue for the review month.
Tax revenue increased by MVR708.7 million for the review month while non-tax revenue bumped by MVR161.7 million.
Meanwhile, total expenditure of the state exclusive of amortization increased by MVR161.2 million – marking an 8% increase when compared with the April 2020. The increase in total expenditure was the result of substantial bump in the recurrent expenditure of the state.
The recurrent expenditure of Maldives state registered an increment of MVR371.7 million. However, capital expenditure registered a decline of MVR210.5 million.
Moreover, the stock of total government debt exclusive of government guaranteed debt reached MVR68.3 million at the end of Q1-2021 – based on the latest available data. This marks a 3% increase from Q4-2020.
On the other hand, the total government debt as a percentage of GDP decreased to 103% at the end of the first quarter of 2021 as opposed to the decline of 115% in the final quarter of 2020.
Furthermore, the increase in government debt during the period was primarily pushed by domestic debt.
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