The latest weekly fiscal developments report released by the Ministry of Finance shows that government expenditure has reached 77.5 percent of the approved expenditure.
As of 4th November 2021, the government has spent MVR 25,922.7 million as cumulative expenditure so far during the year. The total approved expenditure for the year is MVR 33,431.5 million.
According to the report, the cumulative revenue and grants for the period, 1 January to 14 October is MVR 16,174.1 million. Most significant receipts were received from tax revenues are TGST, GGST, and BPT.
Additionally, the report shows that the majority of expenditure during this period was spent on recurrent expenditure; Salaries and Wages, and Allowances to Employees and other expenses for COVID-19 response.
The overall balance for the period is a deficit of MVR 9,748.7 million, as expenditure incurred was greater than revenue received during the period.