Government revenue and grants have risen by 10.2 percent as of 26 March, according to the Ministry of Finance and Planning, while overall expenditure has declined during the same period.
The ministry’s latest Weekly Fiscal Development Report shows total revenue reaching USD 690 million, compared to USD 620 million recorded during the same الفترة last year. At the same time, government spending fell by 8.6 percent, reflecting ongoing efforts to strengthen fiscal discipline.
Tax revenue continues to be the main contributor, accounting for USD 560 million, or 81 percent of total revenue collected so far this year. Tourism Goods and Services Tax (TGST) remained the largest source, generating USD 210 million—an increase of 23.9 percent compared to USD 180 million in the same period last year.
Other notable increases were seen in non-resident withholding tax, which rose 59 percent to USD 33.5 million, and resort land rental income, which grew by 14.7 percent to USD 21.6 million. Meanwhile, foreign exchange earnings surpassed USD 300 million, indicating improved economic performance.
By 26 March, total government expenditure stood at USD 540 million. The largest share was spent on salaries, allowances and pensions, amounting to USD 210 million. Subsidy-related spending rose by 8.8 percent to USD 57.8 million, while total aid and subsidies reached USD 170 million.
Capital spending on development projects also increased. Expenditure on land reclamation and construction surged by 137.5 percent to USD 28.7 million compared to the same period last year, while more than USD 60.5 million was allocated to Public Sector Investment Programme (PSIP) projects.
The report further highlighted continued strengthening of the Sovereign Development Fund (SDF), with total deposits reaching USD 33.8 million as of 26 March, including USD 6.2 million added in the past week alone.
Earlier figures show that between 1 January and mid-March, deposits into the fund rose by 8.6 percent year-on-year, even as the government allocated USD 52.5 million toward debt repayments. Established in 2016, the SDF serves as a dedicated reserve to meet loan obligations and enhance economic resilience, funded primarily through aviation-related revenues.
The government expects the improved revenue performance, combined with controlled expenditure and stronger reserve accumulation, to further stabilise public finances and support its broader goal of achieving fiscal self-sufficiency.
