Budget deficit hits MVR1284.1m on YTD basis, expenditure higher than revenue

The cumulative expenditure of Maldives State as of 03 October 2019 – the Week 40 of the year – has reached MVR19,160.8 million (MVR19.2 billion) while the cumulative revenue and grants reached MVR17,876.7 million (MVR17.9 billion).

The expenditure composition shows that 76% of the cumulative expenditure was spent on recurrent expenditure while the remaining 24% on capital expenditure. Revenue composition shows, the cumulative revenue as of the review week, that 72% of the total revenue was generated from tax revenue sources and the remaining 28% from non-tax revenue sources.

Unsurprisingly, the most significant receipts were once again received from tax revenue sources such as TGST, GGST, Import Duty and BPT.

The overall balance for the period is a deficit of MVR1,284.1 million while the net issuance for the week 29 September to 03 October was a surplus of MVR831.3 million.

Government securities valued at MVR905.2 million matured while MVR1,736.5 million was issued.

The cumulative total of tax revenues has reached MVR12,927.4 million while non-tax revenues have reached MVR3,971.7 million. Grants received to state is at MVR1,021.4 million.

Recurrent expenditure, as of the review period has hit MVR14,582.4 million with notable spending on salaries, wages and pensions of public sector and other government employees – which has reached MVR7,384.4 million.

The state’s administrative and operational expenses have reached MV6,181.9 million.

Capital expenditure as of the review period has reached MVR4,578.3 million with a notable spending on Public Sector Investment Program (PSIP) – which has reached MVR2,688.2 million on Year-to-Date analysis.

Maldives state has spent MVR879.2 million as loan repayment while MVR927.0 million has been transferred to the Sovereign Development Fund (SDF). The investable balance of the SDF is valued at MVR2,460.5 million while the SDF bank balance is at MVR4.4 million.

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