Gov’t Slashes Spending by 19%

The government has revealed a significant decrease in its expenditure for the year thus far, with spending down 19% compared to the same period in the previous year. This is according to the Ministry of Finance’s latest Weekly Fiscal Development Report.

As of April 11th, the government’s total expenditure stands at MVR 11.6 billion, a marked difference from the MVR 14.4 billion spent during the corresponding period last year. When loan repayments are excluded, the year-on-year expenditure decline remains substantial at MVR 10.7 billion this year compared to MVR 13.6 billion last year.

- Advertisement -

A notable reduction has been observed in the Public Sector Investment Program (PSIP), with expenses dropping to MVR 1.3 billion from last year’s MVR 3.6 billion within the same timeframe. Administrative and operating expenses also decreased from MVR 5.9 billion to MVR 5 billion.

However, expenditure on salaries, allowances, and pensions has registered an increase this year. These costs stand at MVR 3.2 billion, higher than the MVR 2.9 billion recorded within the same timeframe last year.

- Advertisement -