The Weekly Fiscal Developments report of the Maldivian Ministry of Finance has revealed that the state revenue as of 7 March 2019 reached MVR4.6 billion and the expenditure hit MVR3.6 billion.
According to the data published, the state’s projected revenue and grants reach MVR23 billion while the approved expenditure for the year is at MVR27 billion.
Looking at the expenditure composition, the state’s recurrent expenditure was at 78% whereas the remaining 22% was capital. Revenue composition included major contributions from tax revenues at 77% of the total income, while the remaining 23% were from non-tax revenue contributions.
As of 7 March 2019, the tax revenues of Maldives state reached MVR3.5 billion while non-tax revenues reached MVR713 million. The capital receipts were at MVR4.3 million and grants at MVR386.9 million, with the deduction of subsidiary loan repayment of MVR14.8 million.
The recurrent expenditure of the state mainly included salaries, wages, and pensions at MVR1.5 billion as of 7 March, while administrative and operational expenses were at MVR1.0 billion and looking at capital expenditure, the capital equipment expense reached MVR55.6 million while another MVR427.7 million was injected into the Public Sector Investment Program (PSIP).
The state has also approved a total of MVR2.8 billion for loan repayments of which MVR198.3 million has been settled as of the weekly fiscal developments’ published date.
Another MVR188.4 million was transferred to sovereign development fund as of 7 March.
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