According to Ministry of Finance, state expenditure in cumulative terms reached MVR30.8 billion as of 27th October 2022. With this government spending is MVR3.3 billion short of hitting the approved budget for the current fiscal year.
Meanwhile, revenues inclusive of grants by the review date stood at MVR22.3 billion, which is MVR2 billion shy from hitting the projected total for the year.
Expenditure composition showed 73% of the total was spent on recurrent needs, 27% on capital expenses. Revenue composition reveals 72% of the earnings came from tax sources, remaining 28% from non-tax sources.
The overall balance for the period is a deficit of MVR8.5 billion.
The cumulative total of tax revenues by 27th October stood at MVR16.04 billion. For the same period last year, cumulative total of tax revenues stood at MVR11.7 billion. On the other hand, cumulative total of non-tax revenue by the review date stood at MVR6.1 billion. For the corresponding period last year, cumulative total of non-tax stood at MVR3.98 billion.
Recurrent expenditure in annual terms stood at MVR22.5 billion. From the total, MVR13.5 billion was spent on administrative and operational expenses, and another MVR8.9 billion on salaries, wages and pensions of public sector employees. Cumulative total of capital expenditure reached MVR8.2 billion. Out of this total, MVR4.5 billion was spent on infrastructure assets, with another MVR1.47 billion spent on land and buildings.
Loan repayment for the review week stood at MVR2.5 billion. Transfers to Sovereign Development Fund (SDF) for the review week stood at MVR653.5 million. The SDF fund size is currently at MVR5.06 billion, with SDF bank balance currently at MVR1.04 billion.