The Maldives government spent 99.8 percent of the approved expenditure for the 2022 fiscal year as of December 29, reports the Ministry of Finance.
According to the ministry, the state spent MVR 39.89 billion by the review date. The approved expenditure total for last year was MVR 39.95 billion after the inclusion of an MVR 5.8 billion supplementary budget.
The state earned a total of MVR 27.6 billion in revenues inclusive of grants by the end of 2022. This is an excess of MVR 3.3 billion from the projected total of MVR 24.3 billion for the year.
The overall balance for the period is a deficit of MVR 12.3 billion.
The cumulative total of tax revenues reached MVR 19.2 billion by the review date. The cumulative total of non-tax revenues for the same date stood at MVR 8.2 billion.
For the same period in 2021, the cumulative total of tax revenues reached MVR 14.7 billion, and the cumulative total of non-tax revenue reached MVR 6.2 billion.
The state has spent MVR 27.9 billion on recurrent expenditure as of December 29. Out of the total, the state spent MVR 16.8 billion on administrative and operational expenses and another MVR 11.1 billion on salaries, wages, and pensions of public sector employees.
Additionally, the cumulative total of capital expenditure by the review date stood at MVR 11.9 billion. From this total, the state spent MVR 6.4 billion on infrastructure assets, MVR 2.3 billion on land and buildings, and another MVR 2.04 billion on development projects and investment outlays.
- Loan Repayment: MVR 2.7 billion
- Transfers to Sovereign Development Fund (SDF): MVR 820.1 million
- SDF Fund Size: MVR 7.2 billion
- SDF Bank Balance: MVR 2.14 billion
- Public Sector Investment Program (PSIP): MVR 8.8 billion
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