The state revenue and grants for April 2023 stood at MVR 2,463.01 million (MVR2.5 billion), indicating a 13.8% increment compared to the same month last year, reported the Ministry of Finance.

The ministry in its monthly fiscal developments noted that the total expenditure for the review month increased by 38.0% compared to the corresponding month in 2022. Compared to April 2022, capital expenditure increased by 63.8% while recurrent expenditure shot up by 30.2%.

The fiscal balance for the month is an overall deficit of MVR 1,286.6 million (MVR1.3 billion).

Revenue and Grants Composition

• TGST: 33.2%
• GGST: 16.2%
• Import Duties: 10.6%
• Interest, Profit and Dividends: 7.3%
• Property Income: 5.3%

Expenditure Composition

• Administrative and Operational Expenses: 46.5%
• Salaries, Wages, and Pensions: 25.9%
• Infrastructure Assets: 20.4%
• Development Projects and Investment Outlays: 4.9%
• Capital Equipment: 1.5%

Memorandum Items

• Loan Repayment and Subscriptions to Multilateral Agencies: MVR937.7 million (as of April end)
• Transfers to Sovereign Development Fund (SDF): MVR 284.8 million (as of April end)