The latest update from Ministry of Finance confirms the year-to-date total of state expenditure has reached MVR31,176.7 million (MVR31.2 billion).
Meanwhile, earnings to the state remain comparatively sluggish while the cumulative total of state revenues inclusive of grants as of 16th December 2021 reached MVR18,486.0 million (MVR18.5 billion).
According to the latest Weekly Fiscal Development report the state has spent 70% of its total budget on recurrent needs and the remaining 30% on capital expenses.
On the other hand, 71% of the total earnings to the state have been through tax-sources and the remaining 29% from non-tax sources.
Moreover, budget utilization by state institutions confirm that the highest year-to-date utilization is observed from Ministry of National Planning, Housing and Infrastructure with a total of MVR4,208.5 million (MVR4.2 billion) spent.
Furthermore, Ministry of Education had utilized the budget second most with a cumulative expenditure of MVR2,599.3 million (MVR2.6 billion) while National Social Protection Agency (NSPA) has spent MVR1,937.2 million (MVR1.9 billion) and Ministry of Health has spent MVR1,897.2 million (MVR1.9 billion).
Tax income sources such as TGST, GGST and BPT continue to remain as the strongest revenue sources to the state.
The overall balance for the period is a deficit of MVR12,690.7 million (MVR12.7 billion).
In addition to this, the cumulative total of tax revenues as of 16th December has reached MVR13,163.5 million (MVR13.2 billion) and the cumulative total of non-tax revenues have reached MVR4,401.9 million (MVR4.4 billion). Moreover, grants received to the state by the review period stood at MVR915.2 million, indicating an increment from the MVR844.1 million received to the state during the same period in 2020.
So far the cumulative total of recurrent expenditure has reached MVR21,921.4 million (MVR21.9 billion) while the cumulative total of capital expenditure has reached MVR9,255.3 million (MVR9.3 billion).