According to the latest in the Monthly Fiscal Developments from Ministry of Finance, the total revenues to the state in the month of August 2021 observed a decrease of 32.6% when compared with the same period in 2020.
Moreover, the state ministry reported that the total revenues exclusively in the review month reached MVR1,489.8 million (MVR1.5 billion).
The ministry had further confirmed that the revenues fell due to the dip in grants received as well as the extension of due date for filing taxes.
Meanwhile, the total expenditure of the state in August 2021 declined by 9.2% compared with the corresponding month in 2020. As such capital expenditure declined by 52.1%, however recurrent expenditure increased by 15.7%.
Furthermore, the surge in the recurrent expenditure was mainly contributed by the increase in the Operational Consumables and the increase in the Grants, Contributions and Subsidies.
The fiscal balance for the review month, is an overall primary deficit of MVR888.7 million.
Moreover, at the end of August 2021 the cumulative total of state revenues inclusive of grants stood at MVR12,755.1 million (MVR12.8 billion) while the cumulative total of state expenditures by the same period reached MVR18,933.3 million (MVR18.9 billion).