The Edition


State revenue tops govt expenditure by Nov end

Fathmath Shaahunaz
28 December 2017, MVT 16:32
Cargo unloaded at Male Commercial Harbour. PHOTO/MIHAARU
Fathmath Shaahunaz
28 December 2017, MVT 16:32

Official statistics show that this year’s state revenue slightly exceeded government expenditures by the end of November.

According to the finance ministry, the state raked in MVR 18.2 billion as income and free aid while expenditure stood at MVR 18.01 billion. Statistics also show a surplus of MVR 277.6 million in the state budget by the end of November, while the same period last year recorded a deficit of MVR 6.7 billion.

The state budget approved for this year projected a revenue of MVR 21.9 billion and expenditure of MVR 22.2 billion.

The ministry’s monthly budget statistics show that state revenue stood at MVR 17.9 billion by November end. The highest expense was in recurrent expenditure which was at MVR 13.03 billion. Capital expenditure was MVR 4.9 billion.

The state budget for this year originally projected a deficit of MVR 300 million, which was later revised to over MVR 1 billion. According to the finance ministry, the deficit spiked due to the settlement of unpaid bills.

The ministry’s statistics indicate that the state revenue from income and free aid for the month of November was MVR 1.15 billion, a drop from the amount of MVR 1.22 billion recorded in November 2016. Expenditure in November was MVR 1.50 billion, while MVR 3.3 billion was recorded in the same period last year.