State expenditure at MVR12.9bn, deficit at MVR2.4bn

Popular

Photo: Awshan Ilyas | Mihaaru

According to the latest update from Ministry of Finance, the cumulative total of state expenditure has reached MVR12,851.5 million (MVR12.9 billion) as of 19 May 2022.

Moreover, the cumulative total state revenues inclusive of grants reached MVR10,448.5 million (MVR10.4 billion) by the review date.

Expenditure composition confirms that state has concentrated 75% of its budget on recurrent needs and the remaining 25% on capital expenses.

On the other hand, revenue composition confirms that the state earned 71% of its total from tax sources while the remaining 29% was earned through non tax sources.

Meanwhile, the overall balance for the period is a deficit of MVR2,403.0 million (MVR2.4 billion), owing to higher expenditure against revenues earned.

State has earned a cumulative total of MVR7,399.6 million (MVR7.4 billion) as of 19 May 2022, while the cumulative total of non tax revenues reached MVR3,024.9 million (MVR3.02 billion).

Additionally, state has spent MVR9,590.5 million (MVR9.6 billion) on recurrent expenditure, out of which MVR5,976.1 million (MVR5.98 billion) was concentrated on administrative and operational expenses while another MVR3,610.2 million (MVR3.6 billion) was spent on salaries, wages and pensions of public sector employees.

Comments