The latest update from Ministry of Finance corroborates state’s expenditure has hit MVR26.5 billion as of 27th September.
According to the ministry, revenues earned by the same period stood at MVR19.6 billion. Due to higher spending compared to earnings, the overall balance for the period is a deficit of MVR6.9 billion; which stretched out from the previous review date.
The cumulative tax revenue is at MVR14.4 billion by the review date, whereas the non-tax revenue in annual terms is at MVR5.1 billion. For the same period last year, tax revenue in annual terms had hit just MVR9.7 billion and non-tax revenue at MVR3.3 billion.
State has spent MVR19.5 billion on recurrent expenses. Under this state spent MVR12.1 billion on administrative and operational expenses, and another MVR7.3 billion on salaries, wages and pensions of public sector employees.
Capital expenditure of the state is currently at MVR6.99 billion.