The latest update from Ministry of Finance reveals that the cumulative total of state revenues inclusive of foreign grants have reached MVR8,509.0 million (MVR8.5 billion) as of 21st April.
Moreover, the cumulative total of state expenditure as of the review period reached MVR10,530.4 million (MVR10.5 billion).
Expense composition attests that the government has spent 73% of its budget on recurrent expenditure with the remaining 27% directed towards capital expenses.
Meanwhile, the revenues earned to state confirm that 69% came from tax sources while the remaining 31% came from non tax sources.
The cumulative total of tax revenues as of 21st April reached MVR5,859.3 million (MVR5.86 billion) while the cumulative total of non tax revenues by the same review period reached MVR2,687.1 million (MVR2.69 billion).
On the other hand, state has spent MVR7,685.4 million (MVR7.69 billion) on recurrent expenses with MVR2,772.3 million out of this expended on salaries, wages and pensions of public sector employees. Another MVR4,908.9 million out of the recurrent expense total was directed towards administrative and operational expenses.
Capital expenditure as of the review date reached MVR2,845.0 million out which MVR1,207.8 million has been spent on infrastructure assets.
Meanwhile, the overall balance for the period is a deficit of MVR2,021.4 million, indicating a slight contraction from the previous week.