The government has spent USD 180.9 million on subsidies so far this year— a 0.36 percent decreased compared to the same period last year.
According to the latest weekly fiscal report released by the Ministry of Finance and Planning, a total of USD 178.97 million was spent on grants, contributions and subsidies as of 17 April, as against USD 181.56 million in the same period last year. This marks a decrease of 0.36 percent.
Among grants, contributions and subsidies, subsidies accounted for the largest expenditure, with USD 63.99 million spent on subsidies. In comparison, the government spent USD 77.83 billion on subsidies during the same period last year.
Although spending on subsidies has declined, spending on the national health insurance scheme, Aasandha, has increased significantly. While USD 43.5 million has been spent on Aasandha so far this year, this amount was USD 35.92 million last year. Therefore, this year’s figure is a 21 percent rise compared to the previous year.
Meanwhile, grants to local councils declined by 4.5 percent compared to the same period last year. This year, USD 34.87 million has so far been disbursed to councils as grants, while USD 36.54 million was issued for the purpose during the same period last year.
The Ministry of Finance said the significant decline in expenditure on subsidies was due to lower expenditure on fuel import subsidies as a result of lower oil prices in the global market.
As of 17 April, 19.3 percent of the total state budget approved by the Parliament for this year has been utilised. While recurrent expenditure accounted for 92.2 percent of the expenditure, capital expenditure accounted for 7.8 per cent. Therefore, the total recurrent and capital expenditure of the government decreased by 25.3 percent this year compared to the same period last year.
According to the report, the government has received 29.3 percent of the total revenue and grants included in the budget for as of 17 April. This is an increase of 5.4 percent over the same period last year. Tax revenue accounted for 77.1 percent of the revenue and grants received so far, while non-tax revenue accounted for 22.3 percent.