The Edition


Multiple state institutions exceed budget

Ahmed Aiham
03 January 2019, MVT 09:16
Minister of Finance Ibrahim Ameer. PHOTO: AHMED NISHAATH/MIHAARU
Ahmed Aiham
03 January 2019, MVT 09:16

Ministry of Finance revealed that state expenditure on National Social Protection Agency (NSPA), exceeded the budgeted amount by MVR 683 million.

According to the Ministry's Weekly Fiscal Developments, NSPA spent MVR 1.9 billion by the last week of December 2018. NSPA spent MVR 1.2 billion in 2017.

Furthermore, the Department of Judicial Administration spent an additional MVR 28.2 million outside their allocated budget of MVR 395.8 million, while the President's Office financed MVR 27.1 million in excess of their budget.

State expenditures until December 31, 2018

- Ministry of Defence: MVR 1.2 billion

- Maldives Police Service: MVR 1.3 billion

- Ministry of Housing and Urban Development: MVR 1.9 billion

- Ministry of Education: MVR 2.9 billion

- Ministry of Health: MVR 1.4 billion

The state spent a total of MVR 24.9 billion up until the last week of December. The administration was budgeted MVR 24.8 billion for 2018.

Recurrent expenses stood at MVR 17.4 billion and are the largest form of expenditure for the government. MVR 7.4 billion was spent on various development projects.

State revenue was at MVR 20.5 billion, while projections estimated that the state would receive MVR 22.4 billion in revenue by the end of 2018.

The biggest source of income for the government was through taxes. MVR 14.7 billion was received as tax revenue and MVR 5.4 billion as revenue from other sources.