The latest updates from Ministry of Finance on Weekly Fiscal Developments indicate cumulative total of state expenditure at MVR16,086.4 million (MVR16.1 billion) as of 12th August 2021.
Moreover, the statistical publication also indicate that the cumulative total of state revenues inclusive of grants reached MVR10,781.1 million (MVR10.1 billion) by the review period – which shows no remarkable improvement from the week before.
As for the expenditure composition, 77% of the total has been spent on recurrent needs and the remaining 23% on capital expenses.
On the other hand, 73% of the revenue came from tax sources while the remaining 27% came from non-tax sources.
The overall balance for the review period is a deficit of MVR5,305.2 million (MVR5.3 billion) as expenditure continues to remain higher than revenue earned to state. Meanwhile, there had been no net issuance for the review week.
Furthermore, the cumulative total of tax revenues as of 12th August stood at MVR7,917.7 million (MVR7.9 billion) whereas it was at MVR6,744.8 million (MVR6.7 billion) during the corresponding period in 2020.
The cumulative total of non-tax revenues as of the review period stood at MVR2,477.6 million (MVR2.48 billion), which is a mild improvement against the MVR2,467.8 million (MVR2.47 billion) during the same period last year.
So far, Maldives state received a total of MVR382.7 million in foreign grants.