The state budget received MVR 14.9 billion in revenue and grants as of the 22nd of this month, the Finance Ministry has reported. This is a 5.6 percent increase over the same period last year.
According to the Weekly Fiscal Development Report released by the Finance Ministry, the government received MVR 11.6 billion in taxes as of end of last week. This accounts for 77.8 percent of the total revenue so far this year.
As of 22 May, the government has received 37.3 percent of the estimated revenue and grants for this year, as outlined in the state budget approved by the Parliament. Of the total expenditure estimated for the year, 28 percent has been recorded as government expenditure during the period.
According to the report, as of end of last week, the state budget spent MVR 13.7 billion, which is 17.9 percent lower than the expenditure incurred during the same period last year. Government recurrent expenditure declined by 3.8 percent while capital expenditure declined by 64.2 percent compared to the same period last year.