The Edition


Govt expenditure at MVR 28 bln in 2019

Ahmed Aiham
09 January 2020, MVT 13:23
The building in capital city of Male' in which Ministry of Finance and the Maldives Inland Revenue Authority (MIRA) are based. PHOTO: HUSSEIN WAHEED/ MIHAARU
Ahmed Aiham
09 January 2020, MVT 13:23

Ministry of Finance, on Tuesday, revealed that MVR 28.66 billion was spent from the MVR 31.9 billion allocated for the 2019 state budget.

According to the Ministry's statistics, the highest proportion was spent on recurrent expenditure which accounted for MVR 20.2 million. Although the overall state expenses were lower than projected, recurrent expenditure was recorded MVR 1.1 million over budget.

The government spent MVR 7.2 billion on capital expenditures, MVR 2.7 billion lower than the MVR 9.9 billion approved.

While MVR 7.2 million was allocated for Public Service Investment Programmes (PSIP), only MVR 3.75 billion was spent.

Financial reports indicate that MVR 1.35 billion was transferred to the Sovereign Development Fund.

In addition, the state received a total of MVR 1.1 million as free aid which falls short of the MVR 2 billion that was initially estimated.