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State revenue reach MVR 6.1 billion

04 April 2019, MVT 14:38
Minister of Finance Ibrahim Ameer during a press conference. PHOTO: MIHAARU
04 April 2019, MVT 14:38

Ministry of Finance recorded a state revenue of MVR 6.1 billion in the first three months of 2019, with MVR 5.1 billion spent as expenditure.

According to the weekly financial reports released by the Finance Ministry, the state received MVR 4.6 billion in tax revenue while MVR 1.1 billion was collected as non-tax revenue.

Furthermore, the state received a total of MVR 389 million as ‘free aid’. Recurrent expenditure amounted to a total of MVR 4.1 billion, making it the highest spending sector of the budget in 2018. A total of MVR 999 million was spent on state-sponsored projects.

MVR 8.8 billion was allocated for government projects, out of which MVR 7 billion was designated for Public Service Investment Programmes (PSIP).

Further, the records show that MVR 315 million was spent on loan repayments. Financial reports also show that MVR 248 million was transferred to the Sovereign Development Fund.

By the end of February, the state collected MVR 4.1 billion in revenue, a further predicting a total revenue of MVR 23 billion to be collected this year.

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