Thursday, 15th July – Maldives state expenditure reaches MVR14,212.1 million (MVR14.2 billion) as of 08th July 2021.
Based on the latest updates from Ministry of Finance, while the state expenditure continues to increase at a significant pace the revenue remains sluggish.
According to the latest “Weekly Fiscal Developments” the state body has confirmed the cumulative total of state revenue, inclusive of grants, had only reached MVR9,462.0 million (MVR9.5 billion).
Moreover, the expenditure composition reveals that 76% of the total had been spent towards recurrent needs while the remaining 24% went towards capital expenses.
On other hand, revenue composition reveals that 75% of the total earnings have been made through tax-sources while the remaining 25% came from non-tax sources.
The overall balance for the period is a deficit of MVR4,750.2 million (MVR4.8 billion) which is still comparatively lower than the deficit of MVR5,870.1 million (MVR5.9 billion) observed during the same period last year.
Meanwhile, cumulative total of tax revenues have reached MVR7,082.4 million (MVR7.1 billion) whereas, it reached to MVR5,560.7 million (MVR5.6 billion) during the same period in 2020.
Additionally, cumulative total of non-tax revenue had reached MVR2,292.2 million (MVR2.3 billion) as of 8th July whereas it had reached MVR2,029.7 million (MVR2.0 billion) by the same period last year.