State revenue has reached a cumulative total of MVR 25.5 billion, as of December 15, according to the Ministry of Finance.
The total annual revenue has already exceeded the projected amount of MVR 24.3 billion for the current fiscal year.
The state collected 71 percent of its total annual revenue from taxes, and the remaining 29 percent came from non-tax sources.
As of December 15, the state’s annual tax revenue reached a total of MVR 18.2 billion, while the non-tax revenue reached MVR 7.1 billion. By the corresponding period in 2021, the cumulative total tax revenue was at MVR 13.5 billion and the cumulative total of non-tax revenue was at MVR 5.4 billion.
The total of state expenditure, on the other hand, has reached MVR 36.2 billion.
The current state budget is MVR 39.9 billion, including a MVR 5.8 million supplementary budget. The initially approved state budget for this year was MVR 34.1 billion. The state spent 73 percent of the budgetary total on recurrent expenses and the remaining 27 percent on capital expenses.
From total expenditure, the state has spent MVR 26.4 billion on recurrent expenses while MVR 9.8 billion was spent on capital expenses. Out of the recurrent expenditure total, the state spent MVR 16.2 billion on administrative and operational expenses, while another MVR 10.15 billion was spent on public sector employment salaries, wages and pensions.
The overall balance for the period is a deficit of MVR 10.7 billion.
Meanwhile, the Maldives government spent MVR 2.7 billion to repay loans. Transfers to the Sovereign Development Fund (SDF) during the review week stood at MVR 768.2 million, while the SDF fund size is now MVR 5.6 billion with available balance at just MVR 553.0 million.
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