State expenditure hit MVR19.6b, revenue and grant hit MVR18.1b

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The Maldives Ministry of Finance released their Weekly Fiscal Development on 16 October, Wednesday which reflected the state’s cumulative expenditure has hit MVR19,616.2 million (MVR19.6 billion).

As per the Weekly Fiscal Development data, as of 10 October, the Week-41 of the year the cumulative revenue and grants have reached MVR18,116.5 million (MVR18.1 billion).

The composition of expenditure shows 76% was spent on recurrent expenditure while the remaining 24% was spent on capital expenditure. In revenue composition, 72% came from tax sources whereas the remaining 28% came from non-tax sources.

Much like any other week, the most significant receipts to state in the review week came from tax sources such as TGST, GGST, Import Duty and BPT.

The overall balance for the period is a deficit of MVR1,499.7 million while there was no net issuance for the week of 6 till 10 October.

The cumulative tax revenue as of 10 October 2019 has reached MVR13,071.3 million while the non-tax revenue collection on the year-to-date basis has reached MVR4,065.3 million. The cumulative total of grants received to Maldives state has reached MVR1,022.5 million.

Recurrent expenditure has cumulated to reach MVR14,891.7 million while capital expenditure has reached MVR4,724.4 million on year-to-date basis.

Maldives government has spent MVR962.3 million on loan repayment while MVR1,052.4 million has been transferred to the Sovereign Development Fund (SDF). The investable balance of SDF is now valued at MVR2,465.9 million and the current SDF bank balance is at MVR2.2 million.

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