State revenues and grants over MVR20b, deficit at MVR1.6b

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The state revenues and grants, on year-to-date basis has reached MVR20,191.8 million (MVR20.2 billion).

According to the Weekly Fiscal Development from Ministry of Finance the cumulative total of state expenditure as of 07 November reached 21,826.4 million (MVR21.8 billion).

From the total expenditure, 75% was spent on recurrent expenditure while the remaining 25% was spent on capital expenditure.

As for the revenue composition, 70% of the income to state was generated from tax sources and the other 30% from non-tax sources.

Tax revenue sources such as TGST, GGST, Import Duty and BPT maintained their status as the most prominent revenue contributor to state.

The overall balance for the period is a deficit of MVR1,634.6 million while there were no net issuances for the review week.

The cumulative total of tax revenues to state has reached MVR14,091.9 million while the year-to-date total of non-tax revenues has hit MVR5,094.8 million.

Grants to Maldives state as of 07 November 2019 has reached MVR1,049.1 million.

The cumulative total of recurrent expenditure as of the review week has reached MVR16,466.2 million and the capital expenditure has reached MVR5,360.2 million.

Maldives state has spent MVR1,009.1 million on loan repayment while MVR1,100.6 million has been transferred to the Sovereign Development Fund (SDF).

As of 07 November 2019 the SDF investable balance is at MVR2,582.8 million while the SDF bank balance is at MVR3.4 million.

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