Government spends MVR 2.5 billion on loan repayment

The Maldivian government has spent MVR 2.5 billion on loan repayment.

Statistics revealed by the Ministry of Finance show that the government expenditure for this year has reached MVR 28.9 billion by 27 September 2022. For the same period last year, the government expenditure was recorded at MVR 25.8 billion.

Finance Ministry's statistics show that the state has spent MVR 19.5 billion as recurrent expenditure. These include MVR 7.3 billion spent on salaries, wages and pension of staff, as well as the MVR 12 billion spent on administrative and operational expenses.

Statistics shows that the state has so far spent MVR 3.2 billion on Salaries and Wages, MVR 2.9 billion on Allowances to Employees and MVR 1.2 billion on Pensions, Retirement Benefits and Gratuities.

The Ministry's statistics reveals that the state has spent MVR 6 billion as Grants, Contributions and Subsidies. As such MVR 1.1 billion was spent under 'Aasandha' and MVR 2.8 was spent on Subsidies.

The government has so far spent MVR 1.2 billion as Council Grants as well.

The government has so far spent MVR 6.9 billion as capital expenditure. For the same period last year, the government's capital expenditure was MVR 6 billion.

As such, MVR 310.6 million was spent on capital equipment and MVR 4.9 billion was spent on infrastructure assets. While MVR 1.3 billion was spent on development projects and investment outlays, it is recorded that the state spent MVR 438.9 million as domestic lending.

So far this year, MVR 576.4 million was transferred to the Sovereign Development Fund and MVR 4.8 billion was spent on public sector investment programs.

According to the statistics publicized by the Ministry of Finance, the highest expenditure was made on water and sewerage development projects. As such a total of MVR 900.3 million was spent on the sector this year.

These include MVR 757.5 million on installation of water and sewerage systems in islands, MVR 29.1 million spent on sewerage system installation and MVR 113.6 million spent on water systems.

Ministry's statistics goes on to reveal that MVR 477 million was spent on housing and infrastructure projects, MVR 217.1 million on land reclamation, MVR 501.1 million on road construction and MVR 589.3 million on harbor development projects.

Additionally, the government has spent MVR 513.1 million on bridge development projects and MVR 420.8 million on airport development projects.

The government has so far spent; MVR 29.5 million on national security and public order, MVR 108.5 million on development of health services, MVR 243.8 million on education sector and MVR 505.7 million on environmental protection projects.

As such, MVR 190.1 million was spent on waste management projects, MVR 231 million was spent on coastal protection projects, MVR 75 million was spent on renewable energy projects and MVR 9.6 million was spent on water drainage systems.

Moreover, statistics shows that the state had earned MVR 19.6 billion by 15 September, 2022. This is MVR 5.9billion more than the MVR 13.7 billion earned as state revenue during the same period last year.

The Ministry's statistics show that income generated from tax currently sits at MVR 14.4 billion. During the same period last year, the state earned MVR 13.7 billion as tax revenue.

As such, the state received MVR 2.1 billion as General Goods and Services Tax and MVR 4.7 billion as Tourism Goods and Services Tax.

Statistics reveals that MVR 3.9 billion was generated as Business and Property Tax. This includes MVR two billion generated as Business Profit Tax, MVR 689.6 million as Withholding Tax, MVR 257.7 million as Individual Income Tax and MVR 904.2 million as Other Business and Property Taxes.

Finance Ministry's statistics goes on to show that the state has earned MVR 698.9 million as green tax so far this year.

Additionally, the state has earned MVR 94.9 million as royalties.

While the sate earned MVR 2.3 billion as Import Duties, statistics show that MVR 568.3 million was earned as Airport Service Charge.

The state received MVR 5.1 billion as Non-Tax Revenue, according to the Finance Ministry.

This includes MVR 578.3 million earned as airport development fee and MVR 8 million as residential permit.

The state also earned MVR 562.7 million as registration and license fees.

Moreover, MVR 1.2 billion was earned as rent from resorts and MVR 158 million was earned as land acquisition and conversion fee.

Statistics also shows that the state earned MVR 186.9 million as fines and penalties so far this year.

In addition to this, the state has also earned MVR 336.9 million as SOE dividend.

Statistics show that Maldivian state received MVR 14 million as capital receipts and MVR 265.9 million as Grants, so far this year.