According to the latest update from the Ministry of Finance, the cumulative total of state expenditure has reached MVR4,315.9 million (MVR4.3 billion) as of 24th February 2022.
Meanwhile, revenues earned to the state inclusive of foreign grants stood at MVR3,694.4 million (MVR3.7 billion) by the review period, indicating a reversal of the state balances from the previous review week’s surplus to a deficit of MVR621.5 million.
Expense composition attests that the government has spent 78% of its total budget on recurrent needs so far and the remaining 22% on capital needs.
On the other hand, revenues earned to the state indicate major earnings made from tax sources. The state earned 81% of the total from tax sources and the remaining 19% from nontax sources.
As of 24th February, the cumulative total of tax revenues reached MVR3,005.1 million (MVR3.0 billion) whereas the cumulative total of nontax revenues reached MVR751.3 million.
The Maldives government has received a total of MVR58.4 million in grants so far.
Furthermore, the government has spent a total of MVR3,348.4 million (MVR3.3 billion) on recurrent expenses and MVR967.5 million on capital expenses.