The overall balance of the state budget has recorded a surplus of MVR 1.2 billion.
According to the Finance Ministry’s Weekly Fiscal Development Report, total expenditure stood at MVR 15.3 billion as of 29 May. This is 16.3 percent lower than the expenditure during the same period last year. Recurrent expenditure declined by 2.0 percent, while capital expenditure dropped by 65.5 per cent.
Administrative operations accounted for 57.1 percent of recurrent spending, 6.8 percent lower than the previous year. Spending on office supplies fell by 69.6 percent, repairs and maintenance by 24.1 percent, and transportation by 14.6 percent.
However, expenditure on Aasandha service provision and loan repayments increased. Repayment of loan commitments by the state increased by 151.8 percent and deposits to the Sovereign Development Fund grew by 47.1 percent compared to the same period last year.
According to the Finance Ministry, the state budget utilised MVR 1.4 billion on capital expenditure this year.
The state budget has allocated MVR 12.4 billion for the Public Sector Investment Program (PSIP) for development projects this year. Of this amount, MVR 1.4 billion has been utilised so far.
