The latest update from the Ministry of Finance has revealed that the cumulative total of state expenditure has reached MVR3,085.3 million (MVR3.09 billion).
On the other hand, revenues inclusive of foreign grants were reportedly higher than the expenditure, reaching a cumulative total of MVR3,251.6 million (MVR3.3 billion). With this, the overall balance for the period is a surplus of MVR166.3 million.
Much like the previous weeks, tax sources remain as the state’s strongest revenue streams such as TGST, GGST, and BPT.
Expenditure composition revealed that the state has spent 77% of the total on recurrent needs and the remaining 23% on capital needs. On the other hand, revenue composition attests that 82% of the total earnings came from tax sources while just 18% came from non-tax sources.
The cumulative total of tax revenues as of 17th February 2022 reached MVR2,667.5 million (MVR2.7 billion) while the cumulative total of non-tax revenues by the review period reached MVR696.5 million.
The Maldives government has received a total of MVR8.3 million in foreign grants so far in 2022.
According to statistics, the state has spent MVR2,385.9 million (MVR2.4 billion) so far in the year towards recurrent needs and while the cumulative total of capital expenditure has reached MVR699.4 million.