Revenues inclusive of grants to the state observed a 51.2% increase in February 2022 compared to the corresponding month in 2021.
According to Ministry of Finance the cumulative revenues inclusive of grants stood at total of MVR5,270.2 million (MVR5.27 billion) by the end of February. The ministry further confirmed that the strong increase was mainly due to the increment in GST receipts.
On the other hand, state expenditure on a cumulative basis was recorded at MVR5,276.4 million (MVR5.28 billion) by February, which is an increment of 36.5% compared to the same month last year.
The fiscal balance for the month of February 2022 gives an overall deficit of MVR6.2 million.
Capital expenditure increased by 45.3% and recurrent expenditure expanded by 34.3% compared to the corresponding month in 2021.
According to the ministry, the notable hike in capital expenditure was due to the MVR79.1 million increment in land and buildings.
Revenue composition shows that the state earned 35.8% of its earnings from TGST and 12.5% from import duties while 10.3% were receipts made from GGST.
Expenditure composition reveals that state spent 45.5% of the total expenditure on administrative and operational expenses and another 33.1% on salaries, wages and pensions of public sector employees.