According to the latest updates from Ministry of Finance, the cumulative total of state expenditure has reached MVR1,430.6 million (MVR1.4 billion) as of 27th January 2022.
Meanwhile, the cumulative total of revenues earned by the state inclusive of foreign grants for the same review period has reached a total of MVR987.1 million.
Expenditure composition confirms 77% of the total concentrated towards recurrent spending and 23% of the total focused on capital expenses. On the other hand, revenue composition confirms 80% of the total earnings made through tax sources and the remaining 20% from non-tax sources.
Both GST components (TGST and GGST) in addition of BPT are the strongest revenue streams to the state by the review period.
Due to higher spending compared to revenues earned, the overall balance for the state funds observed a deficit of MVR443.5 million.
Meanwhile, the cumulative total of tax revenues as of 27the January reached 788.1 million while the cumulative total of non-tax revenues reached MVR315.4 million. So far, state has received MVR5.5 million in grants.
By the review period, state had spent MVR1,107.8 million on recurrent needs and MVR322.8 million on capital expenditure.
The Sovereign Development Fund’s size is currently at MVR3,908.4 million (MVR3.9 billion) with a bank balance of MVR710.7 million and a Public Sector Investment Program (PSIP) allocation of MVR219.8 million.