The state expenditures in cumulative terms reached a total of MVR7.3 billion as of 02nd March 2023, reported the Ministry of Finance.
According to the ministry, government revenues inclusive of foreign grants by the review date reached MVR6.2 billion. Owing to higher spending compared to earnings, the overall balance for the period is a deficit of MVR1.1 billion.
Revenues & Grants
- Tax Revenues: MVR5.3 billion
- Non-tax Revenues: MVR856.9 million
- Grants: MVR9.3 million
- Capital Receipts: MVR1.4 million
Expenditure
- Recurrent Expenditure: MVR5.5 billion
- Capital Expenditure: MVR1.8 billion
Top Revenue Contributors
- TGST: MVR2.2 billion
- Corporate Income Tax: MVR768.6 million
- GGST: MVR750.9 million
- Import Duties: MVR535.2 million
- Withholding Tax: MVR229.9 million
Expenditure Composition
Recurrent Expenditure;
- Administrative and Operational Expenses: MVR3.4 billion
- Salaries, Wages, and Pensions: MVR1.9 billion
- Losses and Write-Offs: MVR155.7 million
Capital Expenditure;
- Infrastructure Assets: MVR815.9 million
- Land and Buildings: MVR572.3 million
- Lending: MVR224.4 million
- Development Projects and Investment Outlays: MVR145.4 million
- Capital Equipment: MVR51.0 million
Memorandum Items
- Loan Repayment: MVR527.4 million
- Transfers to Sovereign Development Fund (SDF): MVR163.3 million
- Public Sector Investment Program (PSIP): MVR1.4 billion