State revenues, inclusive of grants exceeded projected annual total as of December 01, reports Ministry of Finance.
According to the ministry’s most recent statistics, cumulative revenue total has reached MVR24.8 billion by the review date. The projected total revenue for the current year was MVR24.3 billion.
The approved budget for the year is now at MVR39.9 billion, following state’s decision to add in a supplementary budget of MVR5.8 billion atop previously approved annual total of MVR34.2 billion.
The cumulative total of state expenditure is currently at MVR33.5 billion.
The overall balance for the review period is a deficit of MVR8.7 billion.
Meanwhile, the cumulative total of tax revenues reached MVR17.9 billion. By the corresponding period in 2021, cumulative total of tax revenues had only reached MVR13.2 billion. Cumulative total of non-tax revenues reached MVR6.7 billion by the review date. By the same period last year, cumulative total of non-tax revenues had hit MVR5.0 billion.
So far, state has spent MVR25.1 billion on recurrent expenses. Out of the recurrent total, state spent MVR14.9 billion on administrative and operational expenses, with MVR10.1 billion spent on salaries, wages and pensions of public sector employees.
Moreover, state has spent MVR8.4 billion on capital expenses, out of which state spent MVR4.9 billion on infrastructure assets, and another MVR1.7 billion on land and buildings.
During review week, state transferred MVR768.2 million to the Sovereign Development Fund (SDF). Its current fund size is at MVR5.3 billion, while the fund’s available balance is at MVR288.5 million.
Loan repayments by the government has reached MVR2.6 billion as of the review date.
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