On Wednesday, the Ministry of Finance released a report on the weekly fiscal developments, which revealed that the government’s expenditure stands at MVR 21.7 billion, as of October 29.
This figure is nearly two-fold higher than the government revenue figure of MVR 11.3 billion. The bulk of the revenue was generated from taxation, accounting for 77% during the period.
The state collected a total of MVR 8.7 billion as tax revenue. The biggest contribution to tax revenue was from Goods and Service Tax (GST) with MVR 3.4 billion. Meanwhile, the government collected MVR 2.1 billion as non-tax revenue, of which the biggest contribution was made by fees and charges with MVR 740 million.
A total of MVR 110 million was collected in fines and penalties.
The majority of the total expenditure went to recurrent expenditure. As such, 69% of the expenditure during the period was on recurrent expenditure, while the remaining 31 percent was on capital expenditure.
The greatest spending was channeled into salaries, wages and pensions with MVR 8.1 billion.
The statistics also show that the state has spent MVR 906 million on Aasandha health insurance and MVR 793.5 million on loan repayments.