State expenditure hits over MVR21b, revenue and grants at MVR19b

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Image Source: Ministry of Finance

The cumulative total of state expenditure as of 31 October 2019 has reached MVR21,554.4 million (MVR21.6 billion).

As per the Weekly Fiscal Developments from Maldives Ministry of Finance, the cumulative total of revenue and grants to Maldives government as of the review week – week 44 – has reached MVR19,449.2 million (MVR19.4 billion).

According to the compositions, 75% of the total expenditure was spent on recurrent expenditure while the remaining 25% on capital expenditure. As for the revenue composition, 72% of the total revenue was generated through tax sources and the remaining 28% from non-tax sources.

Tax revenues such as TGST, GGST, Import Duty and BPT continue to remain as the strongest income contributors to Maldives government.

The overall balance for the period is a deficit of MVR2,105.1 million while the net issuance for the week 27 till 31 October was a surplus of MVR112.4 million. Government securities valued at MVR1,534.2 million matured while MVR1,646.6 million was issued.

The cumulative total of tax revenue has reached MVR14,033.2 million as of the review week while the cumulative total of non-tax revenue has reached MVR4,412.0 million.

Grants received to Maldives government has reached MVR1,047.1 million.

The cumulative total of recurrent expenditure as of the week-44, has reached MVR16,268.6 million while the capital expenditure has reached MVR5,285.7 million.

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