State expenditure hit MVR14.8B, revenues at MVR10.5B

Minister of Finance Ibrahim Ameer (R) alongside Chief Financial Budget Executive Ahmed Saruvash Adam

The cumulative total of state expenditure reached MVR14.8 billion as of April 27, 2023, reported the Ministry of Finance.

The ministry in their most recent fiscal updates revealed that the government has earned a cumulative total of MVR10.5 billion in revenues and grants by the review date.

Due to higher spending against earning, the overall balance for the period is a deficit of MVR4.4 billion.

Revenues and Grants

  • Tax Revenues: MVR7.8 billion | MVR6.7 billion (same period in 2022)
  • Non-tax Revenues: MVR2.5 billion | MVR2.37 billion (same period in 2022)
  • Grants: MVR72.8 million | MVR206.4 million (same period in 2022)

Expenditure

  • Recurrent Expenditure: MVR10.3 billion | MVR8.9 billion (same period in 2022)
  • Capital Expenditure: MVR4.5 billion | MVR3.28 billion (same period in 2022)

Recurrent Expenditure:

  • Administrative and Operational Expenses: MVR6.46 billion
  • Salaries, Wages, and Pensions: MVR3.8 billion
  • Losses and Write-offs: MVR99.3 million

Capital Expenditure:

  • Infrastructure Assets: MVR2.2 billion
  • Land and Buildings: MVR1.2 billion
  • Development Projects and Investment Outlays: MVR580.8 million
  • Lending: MVR416.3 million
  • Capital Equipment: MVR104.8 million

Memorandum Items:

  • Loan Repayment: MVR857.2 million
  • Transfers to Sovereign Development Fund (SDF): MVR303.7 million
  • Public Sector Investment Program (PSIP): MVR4.0 billion

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