State expenditure crosses MVR1.3bn; revenues significantly lagging

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The Maldives state expenditure has reached MVR1.32 billion as of January 19, reports the Ministry of Finance.

The government collected MVR736.8 million in revenues by the same date. The overall balance for the period is a deficit of MVR580.6 million due to higher spending when compared with the state’s earnings.

Meanwhile, the cumulative total of tax revenues as of January 19 reached MVR551.2 million. The cumulative total of non-tax revenues for the same period is MVR184.5 million.

According to recent statistics from the ministry, the recurrent expenditure of the state reached MVR896.0 million by the review date. The capital expenditure reached MVR421.4 million by the same date.

Recurrent Expenditure

  • Administrative and Operational Expenses: MVR890.7 million
  • Salaries, wages, and pensions: MVR5.0 million

Capital Expenditure

  • Infrastructure Assets: MVR211.0 million
  • Land and Buildings: MVR194.4 million
  • Lending: MVR7.9 million

Memorandum Items

  • Loan Repayment: MVR324.0 million
  • Transfers to Sovereign Development Fund (SDF): MVR22.3 million
  • SDF Fund Size: MVR6.45 billion
  • SDF Bank Balance: MVR1.39 billion
  • Public Sector Investment Program (PSIP): MVR409.4 million

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