The government expenditure has exceeded revenue by MVR 1.7 billion.
According to statistics released by the Finance Ministry, MVR 8.9 billion was spent from the state budget by end of March. However, the revenue generated in that period was MVR 7.2 billion.
Total expenditure: MVR 8.9 billion
Recurrent expenditure: MVR 6.5 billion
Salary and allowances, pension: MVR 2.7 billion
Admin and operation cost: MVR 3.8 billion
Capital expenditure: MVR 2.7 billion
The statistics show the biggest percentage of the budget was spent on recurrent expenditure. Although the recurrent expenditure was at MVR 5.3 billion at the end of the first quarter in 2021, this year, the figure has risen to MVR 6.5 billion. The amount spent this year on staff salary payment has also increased. While MVR 2.4 billion was spent during the same period last year, this year, the amount spent on salaries have increased to MVR 3.8 billion.
The figures show capital expenditure has also increased compared to the same period last year. While MVR 1.7 billion was utilized for capital expenditure last year, MVR 2.7 billion has been spent thus far this year. The biggest percentage of recurrent expenditure, equivalent to approximately MVR one billion, was spent on infrastructure assets.
The Parliament has approved a budget of MVR 36.9 billion for the current year. Last year, the government worked with a smaller budget of MVR 34 billion.
