The year-to-date total of state expenditures reached a total of MVR 22.8 billion as of July 06, 2023, reports the Ministry of Finance.
According to the ministry, the year-to-date total of revenues inclusive of foreign grants reached MVR 16.8 billion as of the review date.
With this, the overall balance for the period is a deficit of MVR5.95 billion.
State’s revenues, both tax and non-tax saw improvement by the review date as compared with the corresponding period last year. As such, the cumulative total of tax earnings by July 06 stood at MVR 12.7 billion compared to MVR 10.7 billion in the same period last year.
On the other hand, non-tax earnings saw a mild increment, which was recorded at MVR 3.93 billion by the review date as compared to MVR3.7 billion in 2022.
So far, the government has spent MVR 15.8 billion on recurrent expenses. Out of this total, state spent MVR 9.6 billion on administrative and operational expenses and MVR 5.9 billion on salaries, wages, and pensions of public sector employees.
Capital expenditure as of the review date stood at MVR 7.02 billion, out of which the government spent MVR 3.6 billion on infrastructure assets. Another MVR 1.7 billion was spent on land and buildings.
The government has paid MVR 1.4 billion in loan repayment, while the Public Sector Investment Program (PSIP) total as of the review date reached MVR 5.5 billion.