State Revenue at MVR 12.7 Billion; Expenditure Nearly Double!

The latest statistics released by the Ministry of Finance reveals that, as of 26th November, the state’s revenue is at MVR 12.7 billion, while expenditure is at MVR 24 billion.

The figures, which were released on Thursday, present a deficit of MVR 11.3 billion.

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The state revenue figure includes MVR 9.7 billion from tax revenue, comprising 76% of the total revenue. The remaining MVR 2.3 billion was earned from non-tax revenue.

The bulk of the total expenditure was recurrent. As such, 70% of the expenditure during the period was recurrent expenditure, while the remaining 30% was capital expenditure.

The greatest spending went towards salaries, wages and pensions. It made for MVR 8.9 billion of the expenditure figure. Furthermore, MVR 833 million was spent on loan repayments and MVR 3.8 billion was spent on Public Sector Investment Program (PISP) projects.

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