State expenditure reached MVR26.5 billion in annual terms by September 27, 2022, reports Ministry of Finance.
According to the state body, the state has earned an annual total of MVR19.6 billion by the review date. Owing to hire spending compared to earnings, state’s overall balance for the period is a deficit of MVR6.9 billion.
Cumulative tax revenue total as of September 27, reached MVR14.4 billion. For the same period last year, this total stood at just MVR9.7 billion. The annual total of non-tax revenue is at MVR5.1 billion by review date, whereas in the same period last year this total was at MVR3.3 billion.
Recurrent expenditure total is at MVR19.5 billion, while capital expense is at MVR6.99 billion. State spent MVR12.1 billion under recurrent expenses; towards administrative and operational expenses and another MVR7.3 billion on salaries, wages and pensions of public sector employees.