The most recent update from Ministry of Finance on their Weekly Fiscal Development confirms the cumulative state expenditure reached MVR17,839.1 million (MVR17.8 billion) as of 30th June 2022.
On the other hand, the cumulative revenues earned to the state inclusive of foreign grants reached MVR13,120.9 million (MVR13.1 billion).
So far, the state has spent 76% of its budget on recurrent expenses and the remaining 24% on capital expenditure. Meanwhile, the state earned 73% of its earnings from tax sources and the other 27% from non-tax sources.
The higher expenditure compared to the revenues earned meant the budget deficit expanded to MVR4,718.2 million (MVR4.7 billion).
Comparatively speaking, the cumulative earnings as of 30th June 2021 stood at MVR10,008.8 million (MVR10.0 billion).
The cumulative total of tax earnings as of the review period stood at MVR9,578.9 million (MVR9.6 billion) whereas in the corresponding period in 2021 it stood at MVR7,245.4 million (MVR7.2 billion).
The cumulative total of non-tax earnings by the review period stood at MVR3,463.6 million (MVR3.5 billion) whereas in the same period last year it stood at MVR2,343.7 million (MVR2.3 billion).
As for the expenditure composition, recurrent expenditure is currently at MVR13,547.9 million (MVR13.5 billion) and the capital expenditure is at MVR4,291.1 million (MVR4.3 billion).
By 30th June, the state has settled a MVR2,020.7 million while transfers made to the Sovereign Development Fund (SDF) by the review week was at MVR383.7 million. Currently, the SDF fund size is valued at MVR4,383.9 million (MVR4.4 billion) and the SDF bank balance is at MVR1,410.0 million (MVR1.4 billion).