The new government has begun to reveal the financial reports

The new government has begun to reveal financial reports for the first time. The report, which was publicized by the Ministry of Finance and Treasury, showed that, until the 11th of December 2018, the government received an income of 19.8 billion rufiyaa which is a 2 billion lesser than the amount compared to the estimated income in the state budget. It also showed that the government has spent a 23.1 billion on its expenses, which gives a deficit of 3 billion rufiyaa.

In addition, the report also showed that the government received 14.4 billion rufiyaa as income from tax, which is 2.1 billion lesser than the estimated 16.3 billion rufiyaa. The government estimated that they will receive 733.7 million rufiyaa for free aid whereas the actual amount received was 307.7 million rufiyaa. 1.5 billion rufiyaa has been paid in order to repay the loans taken by the government while 1.2 billion rufiyaa has been transferred to the sovereign funds.

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Releasing a financial report on the government’s financial transactions on a weekly basis was a pledge made by Honorable Ibrahim Mohamed Solih. Hence, the ministry stated that they will publish the reports on a weekly basis on their official website.