State revenues, grants cross to MVR1.6b, overall balance with a surplus


Image Source: Ministry of Finance

The cumulative total revenues and grants to Maldives government as of 30 January 2020 – the fourth week of the year – has been observed at MVR1,610.1 million (MVR1.6 billion).

According to the Weekly Fiscal Development by Maldives Ministry of Finance, by the same review period the cumulative total of state expenditure was observed at MVR1,496.3 million.

The composition of expenditure indicate heavy spending on recurrent expenditure, taking up 84% of the total with the remaining 16% on capital expenditure.

As for revenue, 89% of the total came from tax revenue sources while only 11% came from non-tax sources.

The overall balance for the period was a surplus of MVR113.7 million, while there was no net issuance for the review week.

The cumulative total of tax revenues as of 30 January, was observed at MVR1,427.9 million and the cumulative total of non-tax revenues were observed at MVR180.7 million.

On the other hand, the cumulative total of recurrent expenditure hit MVR1,254.5 million while the cumulative total of capital expenditure reached MVR241.8 million.

Meanwhile the Maldives state has settled MVR89.8 million in loan repayment and another MVR64.8 million were transferred to Sovereign Development Fund (SDF).

As of the review week, the SDF investable balance and bank balance were at MVR2,029.7 million.

In addition to this, state has injected MVR127.1 million into Public Sector Investment Program (PSIP).