The latest statistics from the Ministry of Finance confirm that the cumulative total of state expenditures reached MVR5,962.0 million (MVR5.96 billion) as of 10th March 2022.
On the other hand, the cumulative total of revenues inclusive of foreign grants reached MVR5,419.1 million (MVR5.4 billion) by the review period.
Due to higher state spending in comparison with state earnings, the overall balance for the period observed a deficit that had stretched from the previous week to hit MVR542.9 million.
So far, the state has spent 73% of its total budget towards recurrent expenses and the remaining 27% on capital expenses.
On the other hand, the state earned 75% of its revenues through tax sources and the remaining 25% through nontax sources.
Meanwhile, the cumulative total of tax revenues as of 10th March stood at MVR4,073.5 million (MVR4.1 billion) whereas the cumulative total of nontax revenues by the same period reached MVR1,400.3 million (MVR1.4 billion).
In 2021, for the corresponding period, the cumulative total of tax revenues had reached MVR3,219.7 million (MVR3.2 billion) and the cumulative total of nontax revenues reached just MVR691.4 million.
As for the expenses, the state has spent a total of MVR4,373.9 million (MVR4.4 billion) on recurrent expenses and MVR1,588.1 million (MVR1.6 billion) on capital expenditure.