* Total Revenue received reached MVR25.3Billion
* Expenditre stand at MVR24.7 Billion
According to the "Weekly Fiscal Development" report published by the Ministry of Finance, between January 1st and August 28th of this year, the government received total revenue and grants amounting to MVR 25.3 billion. This reflects an increase of MVR 4.9 billion compared to the revenue and grants projected for this year’s mid-year budget. Within this period, the revenue received by the state amounted to MVR 24.1 billion.
The Finance Ministry detailed that most of this year’s revenue has been collected from taxes, while a significant portion has also come from non-tax sources. Of this, MVR 19.7 billion was earned from taxes, while non-tax revenue accounted for MVR 5.4 billion.
For August, the government’s expenditure stood at MVR 24.7 billion, with recurrent expenditure taking up MVR 15.6 billion. Total expenditure for the year so far has reached MVR 29.4 billion. This shows that recurrent expenditure accounts for 57.4 percent, while capital expenditure accounts for 42.6 percent.
Out of recurrent expenditure, 56 percent has been spent on salaries and allowances, which amounts to MVR 5.5 billion. Meanwhile, MVR 14.1 billion has been spent on administrative and operational expenses, and MVR 16.6 billion on repairs and maintenance.
From the capital expenditure allocated for August, MVR 3.1 billion was spent. Of this, MVR 2.7 billion was allocated for infrastructure projects such as land reclamation, bridges, and airport development.
In the budget proposed to Parliament for the month of August, the government estimated this year’s total revenue and grants at MVR 15.6 billion, while expenditure was projected at MVR 24.7 billion, the Ministry of Finance has stated. This indicates a deficit of MVR 4.9 billion in the mid-year fiscal position.
For the 2025 state budget, MVR 12.4 billion has been earmarked for the Public Sector Investment Program (PSIP). So far this year, MVR 4 billion has been spent on PSIP projects. A significant portion of this year’s PSIP expenditure has been directed towards housing, land reclamation, and road development projects, while a major part of next year’s PSIP budget is expected to go towards social housing and related infrastructure projects.
