Govt expenses hit MVR12.3bn, deficit reaches MVR2.03bn

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The latest update from Ministry of Finance confirm state expenditure has reached a cumulative total of MVR12,325.0 million (MVR12.3 billion) as of 12 May 2022.

Meanwhile, the state revenues inclusive of foreign grants have reached a cumulative total of MVR10,294.7 million (MVR10.3 billion) by the review date.

Furthermore, the expenditure composition reveals that 75% of the budget has been spent on recurrent needs while the remaining 25% were spent on capital needs.

On the other hand, government earned 71% of its revenues from tax sources and the remaining 29% from non tax sources.

The overall balance for the period gives a deficit of MVR2,030.3 million (MVR2.03 billion) owing to higher expenditure compared to revenues earned.

State has earned a cumulative total of MVR7,259.0 million (MVR7.26 billion) in tax revenues and MVR3,018.3 million (MVR3.02 billion) in non tax revenues on a cumulative basis.

Moreover, the cumulative total of recurrent expenses are currently at MVR9,278.0 million (MVR9.28 billion) while the cumulative total of capital expenditure is at MVR5,664.8 million (MVR5.66 billion).

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