The latest weekly fiscal developments report publicized by the Ministry of Finance reveals that as of 16th December 2021, over 93 percent of the approved expenditure amount for the year has been spent by the government.
While the approved expenditure is MVR 33,431.5 million, the cumulative expenditure stood at MVR 31,176.7 million as of 16th December 2021.
The majority of expenditure during this period was spent on recurrent expenditure; Salaries and Wages, and Allowances to Employees.
The cumulative revenue and grants for the period, 1st January to 16th December is MVR 18,486 million. Receipts were received from tax revenues; TGST, GGST, and BPT. Most significant receipts this week were received from Grants.
The overall balance for the period is a deficit of MVR 12,690.7 million, as expenditure incurred was greater than revenue received during the period.