The latest update from Ministry of Finance reveals state has spent a cumulative total of MVR15,307.4 million (MVR15.3 billion) so far in 2022 from its approved budget.
On the other hand, earnings are comparatively slower with a cumulative total of MVR11,754.3 million (MVR11.8 billion) inclusive of foreign grants.
State’s spending pattern indicates 75% of the total had been directed on recurrent needs and the remaining 25% on capital expenditure. Additionally government has earned 71% of its revenue through tax sources and the remaining 29% through non-tax sources.
With a comparatively higher expenditure against state earnings, the overall balance for the period is a deficit of MVR3,553.1 million (MVR3.6 billion).
Meanwhile, state has earned a total of MVR8,362.7 million (MVR8.4 billion) in tax revenues as of 09th June and a cumulative total of MVR3,330.5 million (MVR3.3 billion) in non-tax revenues.
In the corresponding period of 2021, cumulative tax earnings to the state stood at MVR6,512.5 million (MVR6.5 billion) and non-tax earnings at MVR2,255.6 million (MVR2.3 billion) – indicating exceptional recovery of the state’s fiscals in the current year.