According to the Maldives Ministry of Finance, the government used 99.8% of the approved expenditure budget by 29th December 2022.
The approved state expenditure total for last year was MVR39.95 billion after the inclusion of an MVR5.8 billion supplementary budget. As of 29th December, the cumulative total expenditure stood at MVR39.89 billion.
On the other hand, the state revenues inclusive of grants were observed at an excess of MVR3.3 billion by the review date. The projected total of revenues inclusive of grants for last year stood at MVR24.3 billion, however, by the review date the state had earned MVR27.6 billion.
The Maldives government spent 70% of the budget on recurrent expenses, and the remaining 30% on capital expenses. Similarly, the state’s 70% of earnings came from tax sources, and the remaining 30% from non-tax sources.
The cumulative tax revenues total as of 29th December stood at MVR19.2 billion. The cumulative non-tax revenues total by the review date stood at MVR8.2 billion.
For the same period in 2021, the cumulative total of tax revenues had reached only MVR14.7 billion, and the cumulative total of non-tax revenues reached MVR6.2 billion.
By the review date, the Maldives government received MVR331.7 million in grants, a 68.2% drop compared to the MVR1.04 billion received in grants in 2021.
The recurrent expenditure total stood at MVR27.94 billion by the review date. The capital expenditure total by the same period had reached MVR11.95 billion. For the same period in 2021, recurrent expenditure stood at MVR23.9 billion and capital expenditure at MVR9.05 billion.
Recurrent Expenditure (as of 29th Dec 2022)
- Administrative and Operational Expenses: MVR16.8 billion
- Salaries, Wages, and Pensions (Public Sector): MVR11.08 billion
- Losses and Write-offs: MVR45.0 million
Capital Expenditure (as of 29th Dec 2022)
- Infrastructure Assets: MVR6.4 billion
- Land and Buildings: MVR2.3 billion
- Development Projects and Investment Outlays: MVR2.04 billion
- Lending: MVR748.4 million
- Capital Equipment: MVR533.5 million
Memorandum Items
- Loan Repayment: MVR2.7 billion
- Transfers to Sovereign Development Fund (SDF): MVR820.1 million
- SDF Fund Size: MVR7.2 billion
- SDF Bank Balance: MVR2.14 billion
- Public Sector Investment Program (PSIP): MVR8.8 billion