Cumulative state expenses in annual terms reach MVR18,425.9 million (MVR18.4 billion) as of 14th July 2022.
Comparing with stronger state spending, revenues inclusive of foreign grants remain relatively sluggish. State earned a cumulative total of MVR13,777.9 million (MVR13.7 billion) in annual terms, reports Ministry of Finance.
Owing to higher expenditure in comparison with revenues earned, overall budget deficit is currently at MVR4,648.0 million (MVR4.6 billion).
State’s tax earnings is currently at MVR10,158.8 million (MVR10.2 billion), and non-tax earnings is at MVR3,540.4 million (MVR3.5 billion).
Capital receipts of the state is at MVR10.2 million while foreign grants to the government is at MVR197.9 million.
On the expenditure front, state’s recurrent spending is currently stand at MVR13,952.3 million (MVR13.95 billion) and capital spending is at MVR4,473.6 million (MVR4.5 billion).
Furthermore, state made loan repayments of MVR2,020.9 million (MVR2.0 billion) by the review week.
Transfers to the Sovereign Development Fund (SDF) for the review week was at MVR423.4 million, bringing the SDF fund size to MVR4,438.6 million and its bank balance to MVR1,464.6 million.
The rising expenditure against sluggish gains pushed government taking austerity measures for the Independent celebrations for 2022 as well.
Earlier, Ministry of Home Affairs confirmed of constraining independent day activities only to a flag-hoisting event. Generally, independent day celebrations are jubilant events with decorative float parades.