The cumulative total expenditure of the government reached MVR 10,765.4 million (MVR 10.8 billion) as of April 11, 2024.
According to the Ministry of Finance, the cumulative total of state revenue inclusive of grants stood at MVR 10,031.7 million (MVR 10.03 billion) by the same review date.
The overall balance for the period is a deficit of MVR 733.7 million.
As of the review date, the cumulative total tax revenues reached MVR 8,355.7 million (MVR 8.4 billion) and the cumulative total of non-tax revenues reached MVR 1,630.0 million (MVR 1.6 billion). In the corresponding period last year, cumulative total of tax revenues had reached MVR 7,453.4 million (MVR 7.5 billion) and non-tax revenues had reached MVR 2,449.8 million (MVR 2.45 billion).
Meanwhile, the government’s cost cutting measures remain effective as the period recorded lower recurrent and capital expenditures compared to the same period in 2023.
The cumulative total of recurrent expenditure as of April 11 this year stood at MVR 8,397.3 million (MVR 8.4 billion). However, in the same period last year, cumulative total of recurrent expenditure stood at MVR 9,012.3 million (MVR 9.01 billion).
On the other hand, capital expenditure reached MVR 2,368.1 million (MVR 2.4 billion) by the review date in 2024, while the capital expenditure had reached MVR 4,611.1 million (MVR 4.6 billion) by the same period last year.
So far, the Maldives state has paid MVR 873.3 million in loan repayment. The government has also invested MVR 1,363.0 million (MVR 1.4 billion) on various developmental projects under the Public Sector Investment Program (PSIP).