A total of MVR 836.3 million has been utilized from the state budget thus far this year.
According to the Weekly Fiscal Development Report released by the Finance Ministry, a total of MVR 524 million was spent on recurrent expenditure and capital expenditure as of January 11. In addition to these expenditures, MVR 312.3 million was spent on loan repayment.
The figures show that salaries, allowances, and pensions amounted to MVR 4.3 million while administrative and operating expenses stood at MVR 361.8 million. A further MVR 141.3 million has been utilized on development projects under the Public Sector Investment Program (PSIP).
According to the Finance Ministry, both revenue and expenditure this year have declined compared to the same period last year. Expenditure, including loan expenditure, stood at MVR 993.4 million during the same period in 2023 against MVR 836.3 million this year.
Meanwhile, the state received MVR 390.3 million in revenue thus far this year. This is MVR 84.4 million lower than MVR 474.7 million received in the same period last year.
