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Deficit hits MVR6.2mil in February 2022

Mohamed Rehan
12 May 2022, MVT 16:21
Maldives Inland Revenue Authority (MIRA) is the mandated body of collecting revenue to the state--
Mohamed Rehan
12 May 2022, MVT 16:21

According to the latest monthly fiscal development update from Ministry of Finance, the state's fiscal balance gave an overall deficit of MVR6.2 million in February 2022.

Moreover, the ministry reported a 36.5 percent increment in the government expenditure, which stood MVR5,276.4 million by the end of the review month.

Capital expenditure increased by 45.3 percent while recurrent expenditure increased by 34.3 percent when compared with the corresponding month in 2021.

On the other hand, state revenues inclusive of grants stood at a total of MVR5,270.2 million by the end of February, while revenues observed an increment of 51.2 percent when compared with the same month last year.

Meanwhile, the revenue composition reveals that the state earned 35.8 percent of its revenue from TGST, 12.5 percent from import duties and 10.3 percent from GGST - all three of them were the strongest revenue streams to the state in February.

As for expenses, 45.5 percent of the cumulative expenditure was spent on administrative and operational expenses and 33.1 percent was spent for the salaries, wages and pensions of public sector employees.

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