The cumulative state expenditure reached MVR 17.8 billion as of June 20, 2024, reports the Ministry of Finance.
So far, the state has earned MVR 15.5 billion in revenues and grants. The overall balance for the period is a deficit of MVR 2.4 billion.
The state has earned MVR 12.5 billion in tax revenues, and MVR 2.8 billion in non-tax revenues as of the review date. Comparatively, for the same period last year, state had earned MVR 11.8 billion in tax revenues, but an MVR 4.2 billion in non-tax revenues – indicating that this revenue category has declined noticeably in 2024.
Capital receipts of the state is just MVR 9.3 million, compared to MVR 303.6 million in the same period last year. Grants received to the state is at MVR 156.5 million, compared to MVR 82.6 million in the corresponding period in 2023.
Maldives government has been putting extra efforts into cost-cutting, which is observable from the expenditure categories.
As such, the recurrent expenditure in year-to-date basis is now at MVR 14.2 billion, compared to MVR 15.3 billion spent by the same period in 2023. On the other hand, capital expenditure of the state is at MVR 3.6 billion now, compared to MVR 6.95 billion in the same period last year.
By June 20, last year the state’s deficit had gone up to MVR 5.8 billion; indicating positive strides made by the current administration in 2024 owing to lower deficit by the same period this year.
Meanwhile, the government has settled MVR 1.04 billion in loan repayment, with MVR 3.3 billion spent already on Public Sector Investment Program (PSIP) out of the budgeted MVR 8.9 billion total.