The cumulative state expenditure of Maldives as of 26 September 2019 reached MVR18,574.2 million (MVR18.6 billion) while the cumulative state revenue and grants have reached MVR16,993.5 million (MVR16.9 billion).
The expenditure composition shows that 76% of the spending was made on recurrent expenditure while the remaining 24% on capital expenditure.
The revenue composition shows that 73% of the income was generated through tax revenue sources while the remaining 27% came from non-tax revenue sources.
Continuing with the trend, the most significant receipts to the state were received from tax revenues; more specifically from TGST, GGST, Import Duty and BPT.
The overall balance for the period is a deficit of MVR1,580.0 million since the gap between the expenditure and revenue widened; with the former being significantly higher. There were no net issuances for the week.
The cumulative tax revenues as of 26 September 2019 reached MVR12,461.6 million while the non-tax revenues have reached MVR3,557.4 million. The capital receipts as of the review period was at MVR15.8 million.
Grants received to Maldives state as of the review week reached MVR1,020.0 million.
The cumulative total recurrent expenditure reached MVR14,192.1 million while the capital expenditure has reached MVR4,382.2 million.
As of the recurrent expenditure, the highest portion was allocated to salaries, wages and pensions of the public sector – and it has reached MVR7,143.3 million while the administrative and operational expenses of the state have already reached MVR6,032.8 million.
Major spending of the capital expenditure was spent on Public Sector Investment Program (PSIP), which has reached MVR2,671.2 million.
Maldives state has already spent MVR879.1 million on loan repayment while MVR804.4 million have been transferred to the Sovereign Development Fund. As of the review week the SDF usable funds have reached MVR1,546.2 million.
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