State revenues hit MVR2.6b, surplus gap narrows

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The cumulative total of state revenues and grants as of 13 February 2020 was observed at MVR2,582.4 million (MVR2.6 billion) according to Ministry of Finance.

As per the ministry’s Weekly Fiscal Development, the cumulative total of expenditure was observed at MVR2,548.8 million (MVR2.5 billion) for the review week.

The expenditure composition shows 65% of the total was spent on recurrent expenses and the remaining 35% on capital expenses.

On the other hand, revenue composition shows 85% of the total came through tax revenue sources while only 15% of the total came from non-tax revenue sources.

Tax revenue streams such as Tourism Goods and Services Tax (TGST), General Goods and Services Tax (GGST), Import Duty and Business Profit Tax (BPT) remain the strongest contributors in come to state.

Overall balance for the period was a surplus of MVR33.6 million, with the gap narrowing compared to the previous week since state’s cumulative expenditure rose close in figure with cumulative revenue.

Ministry of Finance reported there was no net issuance for the week, from 09 February to 13 February 2020.

The cumulative total of tax revenues for the review week reached MVR2,194.5 million (MVR2.2 billion), though this was below the mark reached in the same period in 2019 where the cumulative total of tax revenues was observed at MVR2,376.5 million (MVR2.4 billion).

As of 13 February, the cumulative total of non-tax revenues reached MVR381.0 million, while this too was below the mark of collections accumulated in the corresponding period of 2019; where the total was observed at MVR572.2 million.

The Maldives state has received a total of MVR5.2 million in grants.

Recurrent expenditure as of 13 February has reached MVR1,645.8 million (MVR1.6 billion) while capital expenditure has reached MVR903.0 million.

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