According to the latest update from the Ministry of Finance, the state expenditure has reached a cumulative total of MVR2,687.7 million (MVR2.69 billion) as of 10th February 2022.
Meanwhile, the cumulative total of revenues inclusive of foreign grants by the same period reached MVR2,599.3 million (MVR2.59 billion), thereby indicating a higher expenditure than revenue earned.
The overall balance of the state finances, which were in surplus during the previous review has once again shifted to a deficit of MVR88.3 million.
Tax incomes sources such as TGST, GGST, and BPT have continued to contribute the strongest to the Maldivian state in terms of revenue collections.
Moreover, the expenditure composition confirms 79% of the total has been spent on recurrent expenses and the remaining 21% on capital expenses. On the other hand, 84% of the total revenue came from tax sources, and the remaining 16% from non-tax sources.
As of 10th February 2022, the state has earned a cumulative total of MVR2,188.7 million (MVR2.19 billion) in tax revenues and MVR523.2 million in non-tax revenues.
By the review period, the Maldives government has spent MVR2,135.2 million on recurrent expenses and MVR552.4 million on capital expenses.