The Maldives government has spent MVR 41.59 billion from the National Budget 2024 as of 7 November, according to the latest Weekly Fiscal Development Report released by the Ministry of Finance. This figure includes expenditure on loan repayments, reflecting a slight increase from the MVR 41.2 billion spent during the same period last year.
The overall budget for 2024 stands at MVR 55 billion, inclusive of the supplementary budget of MVR 5.5 billion approved by Parliament last month.
Excluding loan repayments, the state’s expenditure reached MVR 39.5 billion, with recurrent expenses accounting for 71 percent, or MVR 28.1 billion, of that total. Of the recurrent spending, MVR 11.2 billion was allocated to salaries, allowances, and pensions, while MVR 16.8 billion went towards administrative and operational costs. This marks an increase compared to the same period last year, where spending on salaries and allowances was MVR 9.9 billion, and administrative expenses stood at MVR 16.2 billion.
Spending on development projects under the Public Sector Investment Program (PSIP) totalled MVR 8 billion, which is MVR 2.2 billion less than the MVR 10.2 billion spent during the same timeframe in the previous year.
On the revenue side, the state has collected MVR 29.3 billion so far in 2024, with tax revenue amounting to MVR 22.4 billion and non-tax revenue contributing MVR 6.3 billion. Additionally, the Maldives received MVR 565 million in grant aid. In comparison, revenue, including grant aid, was MVR 28.9 billion over the same period last year.
These figures highlight the government’s ongoing fiscal efforts to manage expenditures while maintaining revenue collection amidst economic challenges.
