Finance Ministry reports loan repayment expense up by 22%

The Ministry of Finance has reported a 22% surge in loan repayment expenditure.

As of April 27, 2023, loan expenditure reached MVR857.2 million, up from MVR700.5 million spent on loans during the corresponding period in 2022.

The government has allocated an annual total of MVR2.1 billion for loan repayments in the budget for the current fiscal year.

Meanwhile, the government’s total expenditure has reached MVR14.8 billion as of April 27, which is 18% higher than the corresponding period last year.

State has spent MVR3.7 billion on salaries, allowances, and pensions under the recurrent expenditure, with another MVR6.4 billion spent on administrative and operational expenses.

The state has also spent MVR4.0 billion on Public Sector Investment Program (PSIP).

By April 27, state’s revenue reached MVR10.4 billion with a cumulative tax revenue total of MVR7.8 billion, and a non-tax revenue total of MVR2.5 billion.

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