The cumulative total of state expenditure reached MVR 36.3 billion as of December 22, 2022, reports the Ministry of Finance. The total approved budget for the previous year was MVR 39.9 billion after the inclusion of an MVR 5.8 billion supplementary budget.
The annual total of state revenues, inclusive of foreign grants had reached MVR 26.2 billion by the review date. The projected total for the year however was MVR 24.3 billion, indicating an excess of MVR 1.9 billion.
The overall balance for the review period is a deficit of MVR 10.1 billion.
The cumulative total of tax revenues reached MVR 18.4 billion and non-tax revenues stood at MVR 7.6 billion by the review date.
During the same period in 2021, the cumulative total of tax revenues stood at MVR 13.8 billion and non-tax revenues had reached MVR 5.7 billion.
Total recurrent expenditure by the review date was recorded at MVR 26.6 billion. By the same period in 2021, recurrent expenditure had reached an annual total of MVR 22.5 billion. The cumulative total capital expenditure, on the other hand, had reached MVR 9.7 billion by the review date. For the same period in 2021, capital expenditure had reached an annual total of MVR 8.8 billion.
From the cumulative recurrent total by December 22, the state spent MVR 16.4 billion on administrative and operational expenses. Another MVR 10.2 billion was spent on salaries, wages, and pensions of public sector employees.
Capital expense by the state included MVR 4.3 billion spent on infrastructure assets, MVR 2.2 billion on land and buildings and MVR 2.0 billion on development projects and investment outlays.
The Maldives government has settled MVR 2.7 billion on loan repayment by the review date. It also transferred MVR 807.6 million to the Sovereign Development Fund (SDF). The current SDF fund size is MVR 5.8 billion while its bank balance is MVR 764 million.
The government has spent MVR 8.7 billion on Public Sector Investment Programs (PSIP) as of December 22.
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