State expenditure witnesses modest drops as Maldives government earlier promised cost cutting measures to reduce negative economic impact amid viral pandemic.
Ministry of Finance revealed in its latest Weekly Fiscal Development the cumulative total of state expenditure was at MVR8,099.3 million (MVR8.1 billion).
Though significantly higher than the revenue earned for the period – at MVR5,416.8 million (MVR5.4 billion) – the expenditure witnessed a modest drop in review period compared to the corresponding period last year.
The cumulative total of state expenditure was observed at MVR8,291.7 million (MVR8.3 billion) in the same period of 2019.
As of 30 April, the recurrent expenditure was observed at MVR6,085.1 million (MVR6.08 billion) whereas it was observed at MVR6,136.3 million (MVR6.14 billion) in the same period of 2019.
Under the recurrent expenditure component, MVR3,353.1 million (MVR3.4 billion) was spent on the salaries, wages and pensions inclusive of allowances of government or public sector employees.
However, this component reached MVR3,252.4 million (MVR3.3 billion) in the same period of 2019 – marking an increase in current year.
Administrative and operational expenses were observed at MVR2,730.0 million (MVR2.7 billion) as of 30 April whereas it was lower at MVR2,547.1 million.
However, losses and write-offs as of the review period was only at MVR2.0 million whereas in the corresponding period of 2019 it was observed at MVR336.8 million.
On the other hand, capital expenditure observed modest drop in the review period at MVR2,014.2 million (MVR2.0 billion) whereas it had reached MVR2,155.4 million (MVR2.2 billion in the same period of 2019.
Maldives government have settled MVR450.3 million in loan repayment and transferred MVR193.0 million to Sovereign Development Fund (SDF).
The spending on Public Sector Investment Program (PSIP) was observed at MVR1,327.9 million (MVR1.3 billion).