The latest updates from Ministry of Finance reveal the cumulative total of state expenditure has reached MVR15,206.3 million (MVR15.2 billion) as of 29th July 2021.
On the other hand, due to the Covid-19 pandemic continuing to impact the economy, the cumulative total of state revenue trails comparatively behind expenses with a collection of MVR9,942.3 million (MVR9.9 billion).
Meanwhile, as per the figures of the review week, the overall balance is a deficit of MVR5,264.5 million (MVR5.3 billion).
So far, state had spent 76% of its spending budget towards recurrent needs with the remaining 24% concentrated on capital expenditure.
Tax revenue sources share the dominant portion of revenue streams with 75% of the total coming in through various state imposed taxations with the remaining 25% coming from non-tax sources.
Moreover, the cumulative total of tax revenues as of 29th July stood at MVR7,458.8 million (MVR7.5 billion), marking a 19.5% improvement in comparison with the same period of 2020.
As such, the cumulative total of tax revenue during the same period last year, stood at MVR6,132.7 million (MVR6.1 billion).
Furthermore, the cumulative total of non-tax revenue as of the review period reached MVR2,393.4 million (MVR2.4 billion), marking an 8.3% increment from the same period of 2020 where it stood at MVR2,202.8 million (MVR2.2 billion).
