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Govt. expenditure hit MVR15.3 bil, deficit expands to MVR3.6 bil

Mohamed Rehan
15 June 2022, MVT 20:00
Minister of Finance Ibrahim Ameer (L)--
Mohamed Rehan
15 June 2022, MVT 20:00

According to the latest update from Ministry of Finance, state has spent a total of MVR15.3 billion so far in 2022 from the approved budget for the year.

Contrary to the spending, state earned a cumulative total of MVR11.8 billion by June 9 inclusive of foreign grants.

State has spent 75 percent of its budget on recurrent needs and the remaining 25 percent on capital expenses. On the other hand, state earned 71 percent of its revenue from tax sources and the remaining 29 percent from non tax sources.

With a comparatively higher expenditure against earnings, state's overall balance expanded to a deficit of MVR3.6 billion by the review period.

By June 9 state earned a cumulative total of MVR8.4 billion in tax revenues and a total of MVR3.3 billion in non tax revenues.

In the corresponding period of 2021 state earned a cumulative total MVR6.5 billion in tax revenues while non tax revenues stood at MVR2.3 billion, indicating positive economic recovery following the pandemic.

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