Malé, Maldives – Finance Ministry, today, released a report revealing that the cumulative state expenditure for the period, 01 January to 16 September is MVR 20.2 billion while the state revenue is at MVR 12.5 billion
The majority of expenditure during this period was spent on recurrent expenditure; Salaries and Wages, and Allowances to Employees and other expenses for COVID-19 response.
The overall balance for the period is a deficit of MVR 7,684.1 million, as expenditure incurred was greater than revenue received during the period. Net issuance for the week, 12 September 2021 to 16 September 2021, was a surplus of MVR 233.66 million.
According to the report states that the most significant receipts were received from tax revenues; TGST, GGST, and BPT. The revenue received from tax is at 73 percent and 27 percent from non-tax revenue.
As of 16 September 2021, the tax revenues received is at MVR 9.1 million while the non-tax revenues are at MVR 2.9 million. The capital receipts and loans are at MVR 10.9 million and MVR 392 million respectively.
The total revenue including grants is MVR 2.9 billion less than that of the same period in 2020. The revenue earned in 2020 is MVR 21.1 billion.
The total expenditure for the period of 01 January to 16 September is MVR 20.2 billion with 76 percent as recurrent expenditure and 24 percent as capital expenditure.
While salaries and wages were at MVR 4.4 billion as at 16 September 2020 MVR 3.0 billion September 2021. The expenditure on wages and allowances also decreased from 2020 to 2021 with allowances MVR 3.8 billion to MVR 2.6 billion.
The highest budgets utilized by offices are by the Ministry of Education (MVR 1.85 billion), Ministry of Health (MVR1.65 billion) and Ministry of National Planning, Housing and Infrastructure (MVR 1.53 billion) while the lowest budget utilization are by the Ministry of Foreign Affairs (MVR 114.3 million), Ministry of Environment, Climate Change and Technology (MVR 277.8 million) and Maldives National Defense Force (MVR 883.5 million).