State revenue at MVR 12.7 billion, expenditure at MVR 24 billion

The latest report on Maldives’ weekly fiscal developments released by Finance Ministry shows the State’s revenue, as of November 26, stands at MVR 12.7 billion.

The report was released by the Finance Ministry on Thursday.

While the revenue stands at MVR 12.7 billion, the expenditure stands at MVR 24 billion, presenting a MVR 11.3 billion deficit.

The 12.7 billion in revenue includes MVR 9.7 billion from tax revenue – making for 76 percent of the total revenue. The remaining MVR 2.3 billion – making for 24 percent – was from non-tax revenue.

The bulk of the total expenditure went to recurrent expenditure. As such, 70 percent of the expenditure during the period was on recurrent expenditure, while the remaining 30 percent was on capital expenditure.

The greatest spending went to salaries, wages and pensions with MVR 8.9 billion. And additional MVR 833 million was spent on loan repayments and MVR 3.8 billion on Public Sector Investment Program (PISP) projects.