Govt Expenditure Reaches MVR 14 Billion; Revenue at MVR 11.1 Billion

The cumulative state expenditure has reached MVR14,047.3 million (MVR14.04 billion) as of 26th May 2022.

According to the latest update from the Finance Ministry, state revenue including foreign grants reached MVR11,136.3 million (MVR11.1 billion) as of 26th May. This shows an overall deficit of MVR 2.9 billion for the review period.

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The state has spent 75 percent of its budget on recurrent expenditure and the remaining 25 percent on capital expenditure. The state has spent a total of MVR10,585.6 million (MVR10.6 billion) on recurrent expenses under which, it has spent MVR6,411.3 million (MVR6.4 billion) on administrative and operational expenses and another MVR4,168.4 million (MVR4.2 billion) on salaries, wages and pensions of public sector employees.

In addition, the state earned 71 percent of its income from tax sources and the remaining 29 percent from non tax sources. The cumulative total of tax revenues stood at MVR7,928.7 million (MVR7.9 billion) and cumulative total of non tax revenues at MVR3,157.3 million (MVR3.2 billion) as of 26th May.

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