State income extremely low while expenditure at MVR 15.8B

Finance Ministry records have shown that while the state expenditure topped at MVR 15.8 billion, it earned just MVR 8.2 billion as income. 

Statistics show that 68 percent of the expenditure by the state was recurrent expenditure while the remaining 32 percent was capital expenditure. 

82 percent of the MVR 8.2 million earned by the state was through taxes. The remaining 18 percent was through other means. 

Statistics show that the state earned MVR 6.7 billion as income up until last week. The state earned MVR 11.4 billion up until the same period last year.

MVR 631.3 billion was spent on loan repayments by the state.

Income sources for the state have depleted due to the COVID-19 pandemic. Taxes earned by the state have also been drastically reduced.