Recurrent expenditure hit MVR1.6b, capital expenditure reach MVR903m

Minister of Finance. | Image Source: Ministry of Finance

The cumulative total of recurrent expenditure has reached MVR1,645.8 million (MVR1.6 billion) as of 13 February 2020, according to Ministry of Finance.

In the ministry’s Weekly Fiscal Development, it was reported the cumulative total of capital expenditure has reached MVR903.0 million as of the review week.

Under the recurrent expenditure, state has expend MVR831.4 million so far in 2020 on salaries, wages and pensions of public sector employees. Compared to the same period in 2019, this was an increment from MVR782.3 million.

In addition, state has spent MVR813.7 million on administrative and operational expenses as of 13 February 2020, which is a significant jump from MVR600.6 million spent in the corresponding period of 2019.

Maldives government has spent MVR71.9 million on the state initiated health insurance scheme – Aasandha.

Moreover, MVR218.0 million has been spent on government subsidies as of the review week.

Meanwhile state has settled MVR108.7 million in loan repayment, while MVR67.3 million was transferred to Sovereign Development Fund (SDF).

As of 13 February, the SDF investable and bank balance was valued at MVR2,059.0 million.

Another MVR573.2 million has been injected by the state on Public Sector Investment Program (PSIP).