State expenditure hit MVR3.5bn, revenues higher at MVR3.8bn

The cumulative total of state expenditure reached MVR3.5 billion as of February 02, reports the Ministry of Finance.

On the other hand, the cumulative total of state revenues, inclusive of foreign grants, reached MVR3.8 billion. Owing to higher earnings against state spending, the overall balance for the period is a surplus of MVR295.2 million.

The state has spent 78% of its budget on recurrent needs so far, while the remaining 22% was spent on capital expenditure. Meanwhile, the government earned 89% of its revenue from tax sources and the remaining 11% from non-tax sources.

The cumulative total of tax revenues reached MVR3.4 billion by the review date. The cumulative total of non-tax revenues by the review date had reached MVR403.1 million.

As of February 02, the state has spent MVR2.75 billion on recurrent expenditure. From this total, the state has spent MVR1.8 billion on administrative and operational expenses and another MVR941.2 million on salaries, wages, and pensions of public sector employees. So far, the state has spent MVR765.8 million on capital expenditure; from which MVR381.4 million was spent on infrastructure assets and another MVR265.4 million on land and buildings.

Memorandum Items

  • Loan repayment: MVR446.4 million
  • Transfers to Sovereign Development Fund (SDF): MVR89.6 million
  • Public Sector Investment Program (PSIP): MVR651.7 million