Govt. spending rises to MVR 34.3 billion by November’s end

The Maldivian government’s spending rose to MVR 34.3 billion by the end of November.

The monthly fiscal development report published by Finance Ministry on Friday shows the cumulative expenditure stood at MVR 34.3 billion at the end of November 2022. The total approved expenditure in 2022 is MVR 40.7 billion.

The bulk of the spending was on recurrent expenditure – with MVR 25.4 billion. This includes MVR 15.2 billion on administrative and operational expenditure, and MVR 10.1 billion on salaries, wages and pensions.

MVR 2.7 billion was spent on loan repayment during the period. An additional MVR 3.4 billion was spent on subsidies, and MVR 1.7 billion on Aasandha public health insurance scheme.

MVR 8.9 billion was spent on capital expenditure. This includes MVR 755.9 million on the bridge project, MVR 863.9 million on harbor development projects, and MVR 518.4 million on airport development.

The greatest spending on government ministries, except for the Finance Ministry, was on the Housing Ministry with MVR 5.4 billion and the Education Ministry with MVR 3.2 billion.

With the expenditure at MVR 34.3 billion and revenues and grants at MVR 24.6 billion, the overall fiscal deficit stands at MVR 10.5 billion.