While the budget surplus has been maintained during the current fiscal year, it’s gap has constrained significantly as of February 29, 2024.
According to the Ministry of Finance, the cumulative state expenditure as of the review date is MVR 6.49 billion while the cumulative total of revenues, inclusive of grants, is at MVR 6.5 billion.
The overall balance for the period is a surplus of MVR 15.7 million only.
The cumulative total of tax revenues is now MVR 5.66 billion, while the non-tax revenue total is MVR 817.7 million. State has received MVR 26.3 million in foreign grants.
On the other hand, state has spent MVR 5.28 billion on recurrent expenses, with another MVR 1.2 billion spent on capital expenditure.