The year-to-date expenditure of the government reached MVR 23,587.2 million (MVR 23.6 billion) as of July 13, 2023.
According to the Ministry of Finance in their latest fiscal development report, the government has earned MVR 16,967.0 million (MVR 16.97 billion) by the review date.
The state has spent 68% of its budget on recurrent needs, and the remaining 32% on capital needs. On the other hand, state earned 75% of its revenue from tax sources and the remaining 25% from non-tax sources.
The overall balance for the period is a deficit of MVR 6,620.2 million (MVR 6.6 billion).
So far, the government has earned MVR 12,797.0 million (MVR 12.8 billion) in tax earnings so far in 2023, while the non-tax earnings stood at MVR 3,941.5 million (MVR 3.9 billion).
Both tax and non-tax earnings observed noticeable growth by the review date compared to the same period in 2022. As such, tax revenues for the same period in 2022 stood at MVR 10,750.0 million (MVR 10.8 billion) and non-tax revenue stood at MVR 3,891.0 million (MVR 3.89 billion).
State’s recurrent expenditure has reached a total of MVR 15,955.6 million (MVR 15.96 billion), and capital expenditure reached MVR 7,631.7 million (MVR 7.6 billion).