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Weekly expenditure exceeds revenue by MVR188 mln: Finance Ministry

Ahmed Aiham
18 December 2018, MVT 08:35
Minister of Finance and Treasury Ibrahim Ameer. PHOTO: NISHAN ALI/MIHAARU
Ahmed Aiham
18 December 2018, MVT 08:35

Ministry of Finance's financial report of the past week reveals that state expenditure exceeds the revenue generated by MVR 188 million.

Statistics indicate that the government's expenditure stood at MVR 318 million and that MVR 130 million was recorded as state revenue during the last week.

The report noted recurrent state expenditures at MVR 228.4 million.

While the capital expenditure stood at MVR 89.7 million, most of the capital expenses were spent on Public Service Investment Programmes (PSIP).

MVR 75 million was raised as tax revenue, while MVR 52.8 million was earned from other sources of income.

Up until the previous week, state expenditure stood at MVR 23.4 billion.

The State Budget for 2018 is MVR 24.8 billion.

The state revenue up until the past week is MVR 20 billion, with the Budget Deficit at MVR 3.4 billion. Reports project MVR 22.4 billion as the total state revenue for 2018.

The amount tranferred to the Sovereign Development Fund (SDF) remains the same as the amount paid as repayment of major foreign loans acquired by the country.

The state has repaid MVR 1.5 billion of the burdened debt. The report indicated MVR 1.2 billion was transferred to the fund.

President Ibrahim Mohamed Solih recently initiated the release of weekly financial reports on the situation of the country.

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