The year-to-date total of state expenditure reached MVR 30.8 billion as of September 07, reported the Ministry of Finance.

According to the ministry’s most recent statistics as of the review date, the cumulative total of state revenues remain sluggish compared to the stronger expenditure gains. The state generated a year-to-date total of MVR 22.9 billion by the review date.

So far, the government has spent 68% of its budgetary total on recurrent expenses and the remaining 32% on capital needs. On the other hand, state earned 76% of its revenue from tax sources while the remaining 24% came through non-tax sources.

With a significant difference between state expenditure and revenue, the overall balance for the period is a deficit of MVR 7.8 billion.

Revenue and Grants

• Tax Revenues: MVR 17.5 billion
• Non-tax Revenues: MVR 5.14 billion
• Capital Receipts: MVR 3.9 million
• Grants: MVR 352.5 million

Recurrent Expenditure

• Salaries, Wages and Pensions: MVR 7.9 billion
• Administrative and Operational Expenses: MVR 12.8 billion
• Losses and Write-Offs: MVR 350.8 million

Capital Expenditure

• Capital Equipment: MVR 340.0 million
• Land and Buildings: MVR 2.6 billion
• Infrastructure Assets: MVR 5.04 billion
• Development Projects and Investment Outlays: MVR 1.1 billion
• Lending: MVR 733.7 million

Memorandum Items

• Loan Repayment: MVR 1.8 billion
• Subscription to Multilateral Agencies: MVR 10.5 million
• Transfers to Sovereign Development Fund (SDF): MVR 693.5 million
• Public Sector Investment Program (PSIP): MVR 7.8 billion
• Councils Block Grant Disbursements: MVR 1.3 billion