State expenditures increase to MVR22.9bn, deficit hit MVR7.7bn

Ministry of Finance in their latest Weekly Fiscal Developments confirmed that the state expenditure has reached MVR22,915.9 million (MVR22.9 billion) as of 14 October 2021.

The state revenues inclusive of grants increased to a cumulative total of MVR15,180.4 million (MVR15.2 billion) by the review period.

Moreover, 77% of the expenditure of the state were directed towards recurrent expenses and 23% on capital expenses. On the other hand, 73% of the revenues to the state came from tax sources and 27% from non-tax sources.

Meanwhile, the most significant income receipts came from TGST, GGST and BPT.

According to the latest updates, the overall balance for the period is a deficit of MVR7,735.5 million (MVR7.7 billion) which had increased from the previous week.

Furthermore, the cumulative total of tax revenues by the review period reached MVR11,018.1 million (MVR11.0 billion) and the cumulative total of non-tax revenues hit MVR3,671.3 million (MVR3.7 billion).

Additionally, the cumulative total of recurrent expenditure reached MVR17,637.0 million (MVR17.6 billion) and the cumulative total of capital expenditure hit MVR5,278.9 million (MVR5.3 billion).