According to Ministry of Finance in their most recent Weekly Fiscal Developments, the cumulative total of state expenditure has reached MVR15,954.4 million (MVR15.95 billion) as of 16th June 2022.
On the other hand, the cumulative total of state revenues inclusive of foreign grants by the same review period reached MVR12,319.1 million (MVR12.3 billion).
State has spent 75% of its budget total for 2022 on recurrent expenses and the remaining 25% on capital expenditure. Meanwhile, 70% of the state’s earnings came through tax sources and the remaining 30% from non-tax sources.
Due to the higher expenditure of the government compared to revenues earned, the overall balance for the period is a deficit of MVR3,635.4 million (MVR3.64 billion).
State’s cumulative tax earnings by 16th June reached MVR8,629.2 million (MVR8.6 billion) while stat’s cumulative non-tax earnings by the same review date reached MVR3,629.0 million (MVR3.63 billion). Maldives government has received MVR181.0 million in foreign grants so far.
Meanwhile, state’s cumulative recurrent spending as of the review date reached MVR11,950.5 million (MVR11.95 billion). From the recurrent total, MVR7,376.9 million (MVR7.4 billion) has been spent on administrative and operational expenses while MVR4,539.1 million (MVR4.54 billion) has been spent on the salaries, wages and pensions of public sector employees.
Moreover, the state’s cumulative capital spending by the review period reached MVR4,004.0 million (MVR4.0 billion) out of which MVR1,815.2 million (MVR1.8 billion) has been spent on infrastructure assets of the state.
Government has repaid a total of MVR1,786.6 million (MVR1.79 billion) in loan repayments so far in 2022. As of 16th June, transfers to Sovereign Development Fund (SDF) stood at MVR1,565.4 million (MVR1.57 billion) while the SDF fund size is MVR4,377.9 million (MVR4.38 billion).
Meanwhile, the SDF bank balance by the review period is MVR1,404.0 million (MVR1.4 billion).