Over MVR 9 billion has been utilised from the state budget so far this year for loan repayment.
According to the Finance Ministry's Weekly Fiscal Development Report, the government's expenditure stood at MVR 9.4 billion as of the 13th of this month, up from MVR 9.1 billion during the same period last year. While MVR 2.3 billion has been spent on loan repayment so far this year, this is a sharp increase from the MVR 833.3 million spent in the same period last year.
Although expenditure on employee salaries, allowances and pensions increased this year, total recurrent expenditure declined compared to the same period last year. Recurrent expenditure fell from MVR 6.2 billion last year to MVR 6.1 billion this year.
Meanwhile, the government spent MVR 2.4 billion on salaries, allowances and pensions this year compared to MVR 2.2 billion last year. Administrative and operating expenses stood at MVR 3.9 billion last year as against MVR 3.6 billion this year. Additionally, capital expenditure stood at MVR 428.8 million this year against MVR 1.6 billion in the same period last year.
While the state received MVR 7.8 billion in revenue so far this year, this includes tax revenue of MVR 6.8 billion and non-tax revenue of MVR 1.5 million. In comparison, revenue stood at MVR 7.4 billion during the same period last year.