The Maldives government’s budget expenditure for this year has reached MVR 41 billion thus far this year, including the expenditure on loan repayments.
According to the latest Weekly Fiscal Development Report released by the Finance Ministry, the total expenditure on loan repayments amounted to MVRs 41.59 billion as of November 7. The figure is slightly higher than the MVR 41.2 billion recorded in the same period last year.
Excluding loan expenditure, government spending stood at MVR 39.5 billion. Of this, MVR 28.1 billion — 71 percent — was recurrent expenditure. While MVR 11.2 billion was spent on salaries, allowances, and pensions, MVR 16.8 billion was utilized for administrative and operating expenses. By comparison, last yearβs figures during the same period were MVR 9.9 billion for salaries and pensions and MVR 16.2 billion for operational expenses.
The Public Sector Investment Program (PSIP), which funds development projects, utilized MVR 8 billion this year, down from MVR 10.2 billion spent in the same period last year.
On the revenue side, the government has received MVR 29.3 billion in revenue so far this year, including MVR 22.4 billion in tax revenue and MVR 6.3 billion in non-tax revenue. In addition, MVR 565 million was received as grants. In comparison, revenue and grants stood at MVR 28.9 billion during the same period last year.
