State expenses reach MVR31.8b, MVR2.3b short of hitting approved expenditure


Cumulative total of state expenses reached MVR31.8 billion as of November 10, 2022.

According to Ministry of Finance, cumulative revenues inclusive of foreign grants is now at MVR22.97 billion. This is just MVR1.3 billion short of hitting the total project revenue for the year.

State has so far spent 74% of the approved expenditure on recurrent needs, remaining 26% on capital expenses.

Meanwhile, state earned 72% of its revenue from tax sources and remaining 28% from non-tax sources.

Total Revenue and Grants
  • Tax revenues: MVR16.6 billion
  • Non-tax revenues: MVR6.2 billion
  • Capital receipts: MVR15.0 million
  • Grants: MVR311.3 million
Total Expenditure
Recurrent Expenditure: MVR23.4 billion
  • Salaries, wages and pensions: MVR9.2 billion
  • Administrative and operational expenses: MVR14.1 billion
  • Losses and write-offs: MMVR41.8 million
Capital Expenditure: MVR8.4 billion
  • Capital equipment: MVR360.6 million
  • Land and buildings: MVR1.52 billion
  • Infrastructure assets: MVR4.63 billion
  • Development projects and investment outlays: MVR1.41 billion
  • Lending: MVR502.1 million
Memorandum Items:
  • Loan repayment: MVR2.57 billion
  • Subscription to multilateral agencies: MVR22.1 million
  • Transfers to Sovereign Development Fund: MVR702.6 million
  • SDF fund size: MVR5.1 billion
  • SDF bank balance: MVR80.0 million
  • Public Sector Investment Program (PSIP): MVR6.3 billion
  • Councils block grant disbursements: MVR1.38 billion