Recurrent expenditure hit MVR3.2b, capital expenditure reach MVR1.3b

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The cumulative total of recurrent expenditure has reached MVR3,187.6 million (MVR3.2 billion) as of 12 March 2020, the tenth week of the current year, according to Ministry of Finance.

In the ministry’s Weekly Fiscal Development it was stated the capital expenditure has reached MVR1,349.1 million.

Drawing comparison from the same period in 2019, both figures for the review week are higher.

In 2019, the recurrent expenditure reached MVR3,073.4 million (MVR3.1 billion) in the corresponding period while the capital expenditure was at MVR912.6 million.

State has spent MVR1,607.6 million on the salaries, wages and pensions of all public sector employees. The figures are expected to slow down from the upcoming weeks since Maldives government on Wednesday took a major step to cut on state expenditure.

On Wednesday, 18 March 2020, Maldives government announced its executive and legislature had unanimously agreed on slicing the salaries of President, Vice President, Cabinet Ministers as well as Parliamentarians by 20%.

It was agreed state or public officials with a basic salary of MVR30,000 and above will have the reduction incurred.

As of 12 March 2020, state has spent MVR1,579.3 million (MVR1.6 billion) on administrative and operational expenses.

Under capital expenditure, state has spent MVR33.1 million on capital equipment while MVR930.6 million was injected on infrastructure assets and another MVR385.4 million on development projects and investment outlays.

So far state has injected a total of MVR953.4 million on Public Sector Investment Program (PSIP).

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