Ministry of Finance in their latest Monthly Fiscal Developments confirm that the state revenues observed a 32.6% decline in August 2021 compared to the same month in 2020.
Furthermore, the ministry had confirmed that the revenues for the review month reached MVR1,489.8 million (MVR1.5 billion).
According to the ministry, revenues earned to the state in the month declined due to the fall in grants to the state as well as the extension of due dates for filing taxes.
Moreover, the total expenditure of the state in the review month declined by 9.2% when compared with the same month in 2020. Capital expenditures declined by 52.1% while recurrent expenditures observed an increment of 15.7%.
The spike in recurrent expenses is mainly from the increase in the Operational Consumables and in the increase in the Grants, Contributions and Subsidies.
Meanwhile, the fiscal balance for the month of August 2021 is an overall primary deficit of MVR888.7 million.
The cumulative total revenues inclusive of grants by the end of August reached MVR12,755.1 million (MVR12.8 billion) while the cumulative total of state expenditures reached MVR18,933.3 million (MVR18.9 billion).