Sluggish revenues against surging expenditure results in deficit stretch-out

The latest statistical updates of Ministry of Finance reveal faster movement in expenditures compared to revenues earned to the Maldives state.

As such, statistics attest that the cumulative total of state expenditure as of 18 November has reached MVR26,901.1 million (MVR26.9 billion). On the other hand, revenues pushed up to a cumulative total of MVR16,837.4 million (MVR16.8 billion).

While tax sources such as TGST, GGST and BPT remain as the strongest contributors in terms to revenue earned to state, the earning composition shows 73% of the total had come through tax sources.

Meanwhile, due to surging expenditures against sluggish revenues earned to the state the deficit has stretched out further to hit MVR10,063.7 million (MVR10.1 billion).

Furthermore, the cumulative total of tax revenues as of the review period stood at MVR12,220.8 million (MVR12.2 billion) and the cumulative total of non-tax revenues reached MVR3,967.9 million (MVR3.97 billion).