Annual state revenue exceeds projection by MVR 1.96 billion

According to the most recent updates from the Ministry of Finance, the state’s cumulative revenue has reached MVR 26.3 billion, as of December 22. With this, the state’s earnings exceeded MVR 1.96 billion from the projected total of MVR 24.3 billion for the current fiscal year.

Meanwhile, state expenditure had reached MVR 36.3 billion by the review date in contrast to the recently readjusted budget of MVR 39.9 billion.

The overall balance for the period is a deficit of MVR 10.1 billion owing to higher spending compared to the revenues earned.

As of December 22, the cumulative total of tax revenues reached MVR 18.4 billion. By the same period in 2021, cumulative total of tax revenue had reached just MVR 13.8 billion. The cumulative total of non-tax revenue by the review date reached MVR 7.6 billion, whereas non-tax revenue for the same period last year reached MVR 5.7 billion.

Grants received to state reached MVR 331.4 million by the review date, whereas for the same period last year grants accumulated by the state stood at MVR 1.04 billion.

The cumulative total of state expenditure reached MVR 26.6 billion by December 22. For the same annual period last year, recurrent expenditure had reached MVR 22.5 billion. Out of the total recurrent expense, the state spent MVR 16.4 billion on administrative and operational expenses and another MVR 10.2 billion on salaries, wages and pensions of public sector employees.

Capital expenditure in annual terms reached a total of MVR 9.7 billion by the review date. The capital expenditure had reached MVR 8.8 billion in the corresponding period of last year. From the total capital expenditure, the state spent MVR 4.3 billion on infrastructure assets, MVR 2.2 billion on land and buildings and another MVR 2 billion on development projects and investment outlays.

Meanwhile, the state has settled MVR 2.7 billion in loan repayment and transferred MVR 807.6 million to Sovereign Development Fund (SDF). The current SDF size is MVR 5.8 billion while its available balance is MVR 764.0 million.