Government revenue reach MVR1.5 bln in Jan 2019

Photo: Mihaaru News

Maldives Finance Ministry’s published weekly fiscal data has revealed the island nation’s government earned MVR1.5 billion in revenue while a significant MVR1.2 billion was used for state expenditure.

The statistics indicate the highest revenue contributor to the government has been from tax, with earnings at MVR1.1 billion whereas other revenue sources comprised totaled MVR434.2 million.

Maldives government forecast earlier that the state will earn on estimate MVR23.3 billion throughout the year of 2019.

While the expenditure figures showed below earnings for the first month of 2019, Maldives government spent the most in recurrent expenditure. The fiscal data reports government spent MVR1 billion on estimate as recurrent expenses.

In addition to this government had spent MVR767.7 million as salaries for public sector employees while another MVR126.3 million was incurred for pension fund.

Government initiated development projects along with miscellaneous needs were met with an expense of MVR112.3 million while another MVR23.3 million was incurred in the procurement of furniture and machinery for government offices.

Furthermore, another MVR10.3 million was invested by Maldives government to Public Sector Investment Program (PSIP) as well and another MVR48.7 million spent on large scale projects.

Maldives government had settled a total of MVR108.3 million as repayments for state acquired loans, while a total of MVR2.8 billion is incurred as the annual total for loan repayment.

The state government had estimated MVR27.3 billion as budget expenses for the year 2019 while the estimated total budget for the year is MVR30.2 billion.

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