The latest Weekly Fiscal Development Report, issued by the Finance Ministry, shows a total of MVR 1.8 billion was allocated to development projects during the reported period, marking a significant decrease from MVR 4.4 billion spent during the corresponding period last year.
Decrease in Development Project Expenditure
Expenditure on security and safety projects saw a substantial reduction, plummeting from MVR 78.5 million in the previous year to MVR 26.9 million in the current period.
Similarly, investments in health sector projects declined, dropping from MVR 51.8 million to MVR 39.9 million this year.
Education projects witnessed a notable decrease, with MVR 195.6 million spent last year compared to MVR 107.3 million this year. MVR 7.1 million was allocated to universities, while MVR 100.2 million was earmarked for schools.
Expenditure on environmental protection projects also reduced, with MVR 202.7 million spent last year compared to MVR 147.5 million this year. This included MVR 46.2 million for waste management, MVR 98.3 million for beach protection, and MVR 3.0 million for renewable energy initiatives.
The budget for water and sewerage projects significantly decreased during the same period, dropping from MVR 709.6 million to MVR 210 million.
Salary Expenditure Surges
In contrast to the decline in development project spending, the allocation for public servant salaries increased by MVR 440.9 million. This increase brings the total expenditure on wages close to the combined amount allocated for education, environmental protection, and water and sewerage projects, standing at MVR 465.2 million.
Revenue Trends
Despite the shifts in expenditure, the report highlights revenue growth during the period, with an increase of MVR 515.1 million compared to the previous year. Total revenue reached MVR 13.2 billion, including MVR 10.8 billion from taxes, MVR 2.2 billion from other sources, and MVR 91.4 billion from grants.
