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State revenue reach MVR 4.1 billion

08 March 2019, MVT 21:10
Man holding MVR 500 banknotes. PHOTO: HUSSAIN WAHEED / MIHAARU
08 March 2019, MVT 21:10

Finance report by Ministry of Finance shows that state revenue for the first two months of 2019 reached MVR 4.1 billion.

According to the weekly report, by the end of February MVR 4.1 billion was generated as state revenue. Compared to the third week of February, the last week generated MVR 620 million more.

The report also states that the total income generated in February and January makes up 17 percent of the estimated total revenue for 2019. It was estimated that MVR 23.3 billion would be yielded in 2019.

From the total income, MVR 3.1 billion, which is 75% of the total, was amassed through taxes.

Government expenditure from the beginning of the year till date was MVR 3.4 billion, meaning that for the first two months the revenue generated exceeded expenditure by MVR 778.4 million.

Furthermore, MVR 155 million was paid as loan repayment, out of the MVR 2.8 billion loan repayments of 2019.

While MVR 27.3 billion was predicted expenditure for 2019, the estimated annual budget for the year MVR 30.2 billion.

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