The Maldives state has earned a revenue of MVR 18.58 billion (inclusive of foreign grants) as of June 26th, according to the Ministry of Finance.
As per the ministry’s data, the state has earned this much on a cumulative year-to-date basis.
During the same period, the government’s spending has reached MVR 17.95 billion which meant the overall balance for the period is a surplus of MVR 628.2 million.
State has earned MVR 14.2 billion in tax revenues and another MVR 4.2 billion in non-tax revenues so far this year. In the same period last year, state earned MVR 13.3 billion in tax revenues and MVR 3.3 billion in non-tax revenues.
Recurrent expenditure has reached MVR 15.98 billion while capital expenditure has reached MVR 1.97 billion. In the same period last year, recurrent expenditure stood at MVR 16.3 billion while capital expenditure stood at MVR 5.5 billion – thus indicating a significant decline in government’s spending, which is the result of strong austerity measures as the state had announced on various occasions.
By the review date, state has also settled MVR 3.17 billion in loan repayments, and has spent MVR 1.98 billion on Public Sector Investment Program (PSIP). The total budget for PSIP expenditure this year is MVR 12.4 billion.