According to the latest fiscal developments from Ministry of Finance, Maldives government has spent a total MVR32,024.9 million (MVR32.0 billion) as of 23rd December 2021.
Moreover, the approved expenditure for the fiscal year of 2021 was MVR33,431.5 million (MVR33.4 billion). As of 23rd December, state had spent 95.79% of the approved expense budget.
On the other hand, state has earned a total of MVR19,009.3 million (MVR19.0 billion) as of review week. The projected revenue inclusive of foreign grants for the year 2021 is MVR21,128.5 million (MVR21.1 billion). As of 23rd December, state had earned 89.97% of the projected revenue.
Meanwhile, state has spent 70% of its total expense budget on recurrent expenditures and the remaining 30% on capital expenses and 70% of state’s total earning came through tax sources while the other 30% came from non-tax sources.
As for budget utilization, Ministry of National Planning, Housing and Infrastructure has spent MVR4,362.1 million (MVR4.4 billion) by the review period in 2021, putting the state body well ahead of its peers in terms of spending.
Second highest spending was observed from Ministry of Education with MVR2,736.7 million (MVR2.7 billion).
Tax sources such as TGST, GGST and BPT continue to remain as the strongest revenue contributors to the state. Meanwhile, the overall balance for the period is a deficit of MVR13,015.6 million (MVR13.0 billion).
The year-to-date total of tax earnings as of 23rd December reached MVR13,355.4 million (MVR13.4 billion) while the cumulative total of non-tax revenues reached MVR4,731.9 million (MVR4.7 billion). Maldives state has earned a total of MVR916.2 million in foreign grants by review period.
Cumulative total of recurrent expenditure by the review period reached MVR22,350.2 million (MVR22.4 billion) while the cumulative total of capital expenditure reached MVR9,674.7 million (MVR9.7 billion).