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Higher state revenues result in balance turning surplus once again

Mohamed Rehan
24 February 2022, MVT 11:54
Finance Ministry and Mira Building
Mohamed Rehan
24 February 2022, MVT 11:54

The latest update from the Ministry of Finance confirms that the cumulative total of state revenues inclusive of grants reached a total of MVR3,251.6 million as of 17th February 2022.

Meanwhile, the cumulative total of state expenditure reached MVR3,085.3 million by the same review period.

Due to higher revenues earned compared to the expenditure, the overall balance turned surplus once again. The balance stood at a surplus of MVR166.3 million.

So far, the government of Maldives has spent 77 percent of its budget on recurrent needs and the remaining 23 percent on capital expenses.

The state has earned 82 percent of its total revenue from tax sources while only 18 percent came from non tax sources.

Moreover, budget utilization of government offices indicates the Ministry of National Planning, Housing and Infrastructure with the highest expenditure - recorded at MVR465.9 million.

The cumulative total of tax revenues as of 17th February reached MVR2,667.5 million whereas, during the corresponding period in 2021, it had reached MVR2,324.1 million.

On the other hand, the cumulative total of non-tax revenue by the review period reached MVR696.5 million while during the same period last year, it had reached MVR406.9 million.

The government of Maldives has spent a cumulative total of MVR2,385.9 million on recurrent expenses and a cumulative total of MVR699.4 million on capital expenses.

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