According to the latest updates from the Ministry of Finance, the state expenditure as of 03rd February 2022 has reached MVR2,280.6 million (MVR2.28 billion).
Meanwhile, the state revenue inclusive of foreign grants by the same period reached MVR2,344.2 million (MVR2.3 billion).
Due to a comparatively higher revenue figure than the expenditure of the state, the overall balance observed a surplus of MVR63.7 million.
Expenditure composition reveals 81% of the total budget had been concentrated towards recurrent needs and only 19% on capital expenses. As for revenue composition, 86% of the total earnings came from tax sources with just 14% of the total contributed by non-tax sources.
The cumulative total of tax revenues as of 03rd February reached MVR2,004.3 million, while the cumulative total of non-tax revenues reached MVR454.5 million. Both revenue categories indicated significant improvement when compared with the same period in 2021.
In 2021, by the corresponding period the cumulative total of tax revenues stood at just MVR949.1 million and the cumulative total of non-tax revenues stood at MVR228.0 million.
So far, state has spent MVR1,855.5 million on recurrent needs of the government and MVR425.0 million on capital expenses.