The Edition


Government expenditure at MVR 26.5 billion in 2018

10 January 2019, MVT 09:19
Budget Review Committee 2018.PHOTO: NISHAN ALI/ MIHAARU
10 January 2019, MVT 09:19

The Ministry of Finance revealed that MVR 26.5 billion was spent last year, from the MVR 27.9 billion allocated in the 2018 State Budget.

According to the ministry’s weekly financial reports, MVR 1.4 billion was saved from the 2018 budget, which is the second largest budget approved by the parliament in Maldivian history.

The highest proportion was spent on recurrent expenditure which accounted for MVR 17.4 billion.

While MVR 7 billion was allocated for Public Service Investment Programmes (PSIP), only MVR 5.7 billion was spent.

The ministry's statistics also show that MVR 1.6 billion was spent on loan repayment although MVR 2.1 billion was originally allocated for this purpose. Financial reports also show that MVR 1.2 billion was transferred to the Sovereign Development Fund.

Total government revenue for the year was MVR 20.5 billion compared to a projected amount of MVR 22.4 billion.

Additionally, the state received a total of MVR 333.1 million as free aid which falls short of the MVR 733.7 million that was initially estimated.