According to the latest Weekly Fiscal Development released by the Ministry of Finance, revenue and grants rose to MVR 14.8 billion in May 2024 from MVR 14.1 billion in the same period the previous year.
The report explains that this growth is primarily attributed to a surge in Tourism Goods and Services Tax, which stood at MVR 4,961.6 million as of May 30th, 2024.
Tax revenues dominate the revenue landscape, constituting 81% of the total revenue and grants. Non-tax revenues and grants contribute 18% and 1%, respectively.
As of May 30th, the report states cumulative expenditures have declined to 17.3478 billion MVR, narrowing the deficit to MVR2.4915 billion. During the same period last year, cumulative expenditures stood at MVR 19.1591 billion, resulting in an overall deficit of MVR 5 billion.
The expenditure composition reveals a significant portion allocated to recurrent expenses, accounting for 79%. Capital expenditure constitutes the remaining 21%.
Expenditure and Revenue Overview (as of May 30th 2024)
Approved Expenditure: MVR 47.2275 billion
Cumulative Expenditure: MVR 17.3478 billion
Projected Revenue and Grants: MVR 33.547 billion
Cumulative Revenue and Grants: MVR 14.8563 billion
Budget Utilization by Office
Special Budget: MVR 5.6898 billion
Ministry of Construction & Infrastructure: MVR 1.4125 billion
Ministry of Education: MVR 1.5842 billion
National Social Protection Agency: MVR 1.2622 billion
Maldives Police Services: MVR 0.9358 billion
Ministry of Health: MVR 0.6398 billion
Councils: MVR 0.9218 billion
Maldives National Defense Force: MVR 1.104 billion
Pension Budget: MVR 0.6961 billion
