The cumulative total of state expenditure reached MVR2.1 billion as of 26th January 2023, reports the Ministry of Finance.
According to the ministry’s most recent update, the cumulative total of state revenues inclusive of foreign grants reached MVR2.06 billion by the review date.
The state has spent 71% of its budget on recurrent needs. The remaining 29% was spent on capital expenditure.
Meanwhile, the state earned 88% of its revenues from tax sources. The remaining 12% came from non-tax sources.
The overall balance for the period is a deficit of just MVR44.3 million.
The recurrent expenditure by the review date reached MVR1.49 billion. From the recurrent expenditure total, state has already spent MVR1.33 billion on administrative and operational expenses. Another MVR163.7 million was spent on the salaries, wages, and pensions of public sector employees.
Moreover, capital expenditure reached MVR610.4 million as of 26th January. State had spent MVR321.6 million from this total on infrastructure assets, and another MVR251.2 million on land and buildings.
The cumulative tax revenue total reached MVR1.8 billion by the review date. Moreover, the cumulative non-tax revenue total reached MVR245.0 million. In the corresponding period last year, state earned a cumulative tax revenue total of MVR1.03 billion and non-tax revenue total of MVR397.6 million.
The loan repayment total by the review date is at MVR349.8 million. Transfers to the Sovereign Development Fund (SDF) during the review week stood at MVR52.2 million. The current SDF Fund Size is MVR6.97 billion, and the bank balance of the fund is at MVR1.92 billion.