The state revenue stood at MVR 1.5 billion while MVR 1.2 billion was expended out of the total revenue in January, according to the Weekly Fiscal Developments released by Ministry of Finance.
The largest source of income for the country was taxes, which generated MVR 1.1 billion for the country. MVR 434.2 million was received as non-tax revenue.
Non-tax revenues include state institutional fees, including resort rent and Airport Development Fee (ADF).
The 2019 state budget estimates MVR 23.3 billion as revenue for the fiscal year.
The largest government spending in January was for recurrent expenditures with MVR 1 billion. MVR 767.7 million was spent on salaries and wages of civil servants, while MVR 126.3 million was spent on the national pension scheme.
MVR 112.3 million was spent as capital expenditure, out of which MVR 23.3 million was spent to acquire capital equipments such as machinery and furniture. While MVR 10.3 million was invested into the Public Sector Investment Program (PSIP), MVR 48.7 million was invested into development projects and investment outlays.
MVR 108.3 million was expended for loan repayment. A total of MVR 2.8 billion is budgeted as loan repayment for the year 2019.
A budget of MVR 27.3 billion is budgeted as expenditure for the fiscal year, while the state estimated budget stands at MVR 30.2 billion.
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