State observes third-consecutive surplus week

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The state’s efforts of cost-cutting is a primary objective of the new administration led by President Dr. Mohamed Muizzu | Photo: President’s Office

State’s overall balance observes a surplus for the third-consecutive week as per Ministry of Finance statistics.

According to the ministry, the state’s cumulative expenditure as of February 01, 2024 stood at MVR 2.97 billion whereas the cumulative revenue inclusive of foreign grants stood at MVR 3.6 billion.

Due to higher earnings compared to spending, the overall balance for the review period was an MVR 585.0 million in surplus.

So far, the state has earned MVR 3.2 billion in tax revenues and MVR 328.8 million in non-tax revenues; both figures lower compared to same period in 2023 during which tax revenues stood at MVR 3.5 billion and non-tax revenues at MVR 693.7 million.

Despite this, the surplus is reflective of robust austerity measures to reduce the state’s wastage of expenses.

As such, the recurrent expenditure of the government by the review date is MVR 2.5 billion compared to an MVR 3.07 billion observed the same period last year. On the other hand, the cumulative total of capital expenditure is still significantly below the billion-Rufiyaa mark at just MVR 446.9 million, whereas in the same period in 2023, capital expenditure had shot past the billion-Rufiyaa mark to register MVR 1.9 billion.

Out of the budgeted total of MVR 2.2 billion as loan repayment, state has paid MVR 380.7 million so far.

From the budgeted total of MVR 8.9 billion for the Public Sector Investment Program (PSIP), the state has already spent MVR 287.5 million for various urban and developmental projects.

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