Loan repayment expenditure has surged by 22%, as reported by the Finance Ministry.
As of 27th April, loan expenditure has reached MVR 857.2 million, up from MVR 700.5 million spent on loans during the same period last year. The budget has allocated MVR 2.1 billion for loan repayments this year. The total expenditure as of April 27 was MVR 14.8 billion, which is 18% higher than the same period last year.
Of this amount, MVR 3.7 billion was spent on salaries, allowances, and pensions, and MVR 6.4 billion on administrative and operating expenses. Meanwhile, more than MVR 4 billion was spent on the Public Sector Investment Program (PSIP). The state’s revenue reached MVR 10.4 billion as of 27th April, with tax revenue accounting for MVR 7.8 billion and non-tax revenue for MVR 2.5 billion.