Revenue was at MVR 6.86 billion, while expenditure exceeded this amount, reaching MVR 7.03 billion as of the 7th of March.
Government revenue has surpassed operating expenses for the first time this year, as per recent data disclosed by the Finance Ministry.
Revenue was at MVR 6.86 billion, while expenditure exceeded this amount, reaching MVR 7.03 billion as of the 7th of March.
The majority of the expenditure, 81 percent to be precise, was allocated to recurrent expenses, totaling MVR 5.66 billion. Notably, MVR 2.19 billion was allocated to salaries and allowances, marking an increase of approximately MVR 200 million from the corresponding period last year.
Despite the rise in salary expenditure, the government managed to decrease total recurrent expenses by approximately MVR 300 million compared to the same period last year. This reduction primarily stemmed from a significant decrease in administrative costs, including reduced spending on Aasandha and subsidies.
Furthermore, the government achieved significant expenditure reduction by cutting down on capital expenses, which amounted to MVR 1.37 million as of March 7. This represents a notable decrease of about MVR 1.7 billion compared to the previous year's figures during the same window.
Tax revenue witnessed a surge, reaching MVR 5.94 billion, marking an increase of approximately MVR 400 million compared to the previous year.
Regarding financial allocations, MVR 816 million was directed towards loan repayments, while MVR 198.3 million was deposited into the Sovereign Development Fund as of March 7.
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