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State's expense hit MVR 22.6 B, deficit at MVR 4.7 B

Mohamed Rehan
30 August 2022, MVT 10:48
Finance Ministry and Mira Building
Mohamed Rehan
30 August 2022, MVT 10:48

State expenditure reach MVR 22.6 billion as of August 18, 2022, reports Ministry of Finance.

According to the ministry, revenues inclusive of grants, have reached MVR 17.8 billion by the same period. Owing to higher state expenditure against revenues, the overall balance for the period is a deficit of MVR 4.7 billion.

The cumulative tax revenue total by August 18, is MVR 13.0 billion. By the corresponding period in 2021, tax revenue cumulative in annual terms stood at just MVR 8.4 billion.

As for non-tax revenue in annual cumulative terms, it hit MVR 4.7 billion by the review period. The non-tax revenue total in annual cumulative terms for 2021, by the same period, stood at MVR 2.8 billion.

State has spent MVR 16.5 billion in recurrent expenditure. Out of the total, government has spent MVR 10.0 billion on administrative and operational expenses, and another MVR 6.4 billion on the salaries, wages and pensions of public sector employees.

Additionally, state has spent an annual total of MVR 6.0 billion on capital expenditure, out of which MVR 3.1 billion was spent on infrastructure assets.

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