According to the latest updates from Ministry of Finance on weekly fiscal developments, the state had spent a year-to-date total of MVR30,531.2 million (MVR30.5 billion).
Moreover, revenues to state observe a slow-down in weekly terms and reached just MVR18,113. 9 million (MVR18.1 billion).
Expenditure composition confirms that 71% of the total had been spent on recurrent needs and 29% on capital expenses. On the other hand, revenue composition confirms 72% came from tax sources and 28% came from non-tax sources.
Meanwhile, similar to all the previous weeks the strongest revenue sources to the state include TGST, GGST and BPT.
Furthermore, due to sluggish earnings against significantly faster growth in expenditure the deficit gap increased from the previous week’s standing. As such the overall balance for the period is a deficit of MVR12,417.2 million (MVR12.4 billion).
The year-to-date total of tax revenues as of 09th December 2021 reached MVR12,973.4 million (MVR12.97 billion) and the cumulative total of non-tax revenues by the review period reached MVR4,236.0 million (MVR4.2 billion).
So far Maldives government has received a total of MVR899.4 million in grants, whereas by the corresponding period in 2020 grants received to state stood at MVR829.5 million.