The cumulative total earnings in 2024 has slightly exceeded the expenditure as of January 18, 2024, reports the Ministry of Finance.
According to the ministry’s Weekly Fiscal Developments report dated January 18, the cumulative revenue inclusive of grants stood at MVR 923.0 million. On the other hand, the cumulative total expenditure by the review date stood at MVR 805.9 million.
Due to higher earnings compared to spending, the overall balance for the period is a surplus of MVR 117.1 million, which however is a 123.6% decrease compared to the same period in 2023.
The cumulative total of tax revenues reached MVR 755.2 million and non-tax revenues stood at MVR 167.7 million. In the same period last year, cumulative total of tax revenues stood at MVR 687.5 million while non-tax revenue total stood at MVR 279.8 million in cumulative terms.
So far, the Maldivian government has not reported of receiving any foreign grants to the state.
The state has taken strong austerity measures and budget cuts to reduce the government’s expenses, reflective of the significantly low cumulative recurrent expenditure observed on the review date compared to the corresponding date in 2023.
As such, the cumulative total of recurrent expenditure stood at MVR 603.6 million as of January 18, 2024 whereas in the same period last year the figure stood at MVR 994.9 million.
Similarly, the state has effectively restrained capital expenditure as well. As of the review date, the cumulative capital expenditure total stood at MVR 202.4 million compared to the MVR 475.1 million observed in the same period in 2023.
The budgeted total for loan repayment this year is MVR 2.2 billion, out of which the state has paid MVR 312.3 million.