State revenues and grants increase 41.8% in January 2023

The state revenues and grants stood at MVR4,054.1 million (MVR4.05 billion) in January 2023, which is a 41.8% increment compared to January last year.

On the other hand, the total expenditure for January 2023 decreased by 16.6% compared to the same month in 2022. Capital expenditure dropped by 40.6% while recurrent expenditure decreased by 5.7% in the review month.

The fiscal balance for the month is an overall surplus of MVR603.4 million.

Expenditure Composition

  • Administrative and Operational Expenses: 50.5% | MVR1,741.0 million
  • Salaries, wages, and pensions: 27.3% | MVR940.7 million
  • Infrastructure Assets: 18.3% | MVR374.3 million

The recurrent expenditure in January 2023 stood at MVR2,682.2 million (MVR2.7 billion), while the capital expenditure for the review month stood at MVR768.5 million.

Revenue Composition

  • TGST: 30.2% | MVR1,223.8 million
  • BPT: 18.3% | MVR740.3 million
  • GGST: 9.8% | MVR397.5 million
  • Import Duties: 7.4% | MVR298.9 million
  • Interest, profit, and dividends: 4.2% | MVR168.4 million

The total tax revenues in the review month stood at MVR3,430.1 million (MVR3.4 billion) and the total non-tax revenues stood at MVR616.1 million. The Maldives government received MVR6.8 million in grants in the review month.

Memorandum Items

  • Loan repayment: MVR446.4 million
  • Other investments: MVR25.0 million
  • Transfers to Sovereign Development Fund (SDF): MVR89.6 million

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