State expenditure reaches over MVR32b, deficit hits over MVR13b

Minister of Finance Mr. Ibrahim Ameer

In the latest fiscal developments update from Ministry of Finance, Maldives state expenditure has reached MVR32,024.9 million (MVR32.0 billion) as of 23 December 2021.

While the approved expense budget for the 2021 fiscal year was MVR33,431.5 million (MVR33.4 billion), as of the review period state has spent an approximate 95.79% of the total approved budget.

Meanwhile, the Maldives government earned MVR19,009.3 million (MVR19.0 billion) while the projected revenue for the fiscal year of 2021 was MVR21,128.5 million (MVR21.1 billion). As of 23 December, Maldives state has earned 89.97% of the projected revenue for the previous year.

According to the revenue and expenditure compositions, state has spent 70% of its total budget on recurrent expenses and the remaining 30% on capital expenditure. On the other hand 70% of the earnings came from tax sources while the remaining 30% came from non-tax sources.

Tax income sources such as TGST, GGST and BPT remains as top revenue contributors to the state.

Meanwhile, the overall balance for the review period is a deficit of MVR13,015.6 million (MVR13.0 billion).

The cumulative total of tax revenue as of 23 December stood at MVR13,355.4 million (MVR13.4 billion) while the cumulative total of non-tax revenues reached MVR4,731.9 million (MVR4.7 billion).

As of the review period, Maldives government received a total of MVR916.2 million in foreign grants.

By 23 December, state had spent MVR22,350.2 million (MVR22.4 billion) on recurrent expenses and MVR9,674.7 million (MVR9.7 billion) on capital expenditure.