The Finance Ministry has reported that over MVR 2 billion has been spent so far this year on loan repayments.
This year's budget allocates MVR 3.8 billion for loan repayment.
Finance Ministry’s Weekly Fiscal Development Report shows MVR 2.28 billion was spent on loan repayments as of March 6th this year. This is an increase of MVR 1.49 billion, or 188.5 percent, compared to MVR 792.1 million spent on loan repayments during the same period last year.
Although loan repayment expenditure has significantly increased, recurrent expenditure and capital expenditure has seen a decline. While recurrent expenditure and capital expenditure stood at MVR 5.7 billion this year, MVR 7.4 billion was recorded in the same period last year.
Of recurrent expenditure, MVR 2.4 billion was spent on salaries and allowances, while MVR 2.9 billion was spent for administrative and operating expenses. Capital expenditure stood at MVR 394.6 million thus far this year. Meanwhile, revenue stood at MVR 7.19 billion this year as against MVR 7.16 billion in the same period last year.