Cumulative total of state expenditure hit MVR28.9 billion as of 13th October 2022, reports Ministry of Finance.
Meanwhile, cumulative total of state revenues (inclusive of foreign grants) reached MVR21.2 billion by the same review period.
State has spent 73% of its budget on recurrent expenses, remaining 27% on capital expenses. On the other hand, state earned 72% of its revenues from tax sources and remaining 28% from non-tax sources.
The overall balance for the period is a deficit of MVR7.7 billion.
The cumulative total of tax revenue by the review date stood at MVR15.2 billion, and cumulative total of non-tax stood at MVR5.8 billion. For the corresponding period last year, tax revenue stood at MVR11.1 billion, while non-tax revenue stood at MVR3.9 billion.
Grants to the state is at MVR271.8 million.
Moreover, recurrent expenses in annual terms reached MVR21.2 billion. Out of which MVR12.9 billion was spent on administrative and operational expenses, and MVR8.2 billion on salaries, wages and pensions of public sector employees.
The capital expenditure in annual terms reached MVR7.7 billion. Out of the total, MVR4.1 billion was spent on infrastructure assets and MVR1.36 billion on development projects and investment outlays.
Loan repayment as of 13th October 2022 stood at MVR2.5 billion. Transfers to Sovereign Development Fund (SDF) during the review week stood at MVR627.9 million.
The SDF fund size is currently at MVR5.0 billion, while its bank balance is at MVR1.0 billion.