The government’s expenditure has reached to MVR 39.5 billion as of November 16, 2023, reports the Ministry of Finance.
According to the Ministry of Finance in its most recent ‘Weekly Fiscal Developments’ report, the state revenues inclusive of foreign grants stood at MVR 28.7 billion by the same review date.
The overall balance for the period is a deficit of MVR 10.8 billion.
The cumulative total of tax revenues by the review date stood at MVR 20.9 billion compared to MVR 16.7 billion in the corresponding period last year. The cumulative total of non-tax revenues stood at MVR 7.3 billion compared to MVR 6.6 billion in the same period in 2022.
The Maldives government has received MVR 490.2 million in foreign grants, while it projects a total of MVR 2.6 billion for the entire year; which however, appears as an unlikely possibility as the current fiscal year is close to a wind up.
The government’s recurrent expenditure is now at MVR 26.8 billion with a majority of this spent on Administrative and Operational Expenses (MVR 16.5 billion). A total of MVR 9.9 billion from the recurrent expenditure has already been spent on Salaries, Wages and Pensions of public sector employees.
The capital expenditure of the state is at MVR 12.7 billion, with the majority of this concentrated on Infrastructure Assets (MVR 6.5 billion).
The loan repayment total as of the review date is at MVR 1.99 billion. Transfers to the Sovereign Development Fund (SDF) is at MVR 873.2 million.
The government’s Public Sector Investment Program (PSIP) spending for the year has reached MVR 9.3 billion out of the budgeted total of MVR 10.3 billion.