Government expenditure reaches MVR 33.3 billion

The Maldivian government's expenditure has exceeded MVR 33.3 billion so far this year.

Statistics revealed by the Ministry of Finance show that the expenditure for this year has reached MVR 33.3 billion by 27 October 2022. For the same period last year, the government expenditure was recorded at MVR 29.8 billion.

The total recurrent and capital expenditure of the state currently sits at MVR 30.8 billion. As such, Ministry's statistics shows that the state has spent MVR 22.5 billion as recurrent expenditure. These include MVR 8.9 billion spent on salaries, wages and pension of staff, as well as the MVR 13.5 billion spent on administrative and operational expenses.

Statistics show that the state has so far spent MVR 3.9 billion on Salaries and Wages, MVR 3.6 billion on Allowances to Employees and MVR 1.5 billion on Pensions, Retirement Benefits and Gratuities.

The Ministry's statistics reveal that the state has spent MVR 6.9 billion as Grants, Contributions and Subsidies. As such MVR 1.4 billion was spent under 'Aasandha' and MVR three billion was spent on Subsidies.

The government has so far spent MVR 1.4 billion as Council Grants as well.

Statistics show that the government has so far spent MVR 8.2 billion as capital expenditure. For the same period last year, the government's capital expenditure was MVR 6.9 billion.

As such, MVR 350.8 million was spent on capital equipment and MVR 5.9 billion was spent on infrastructure assets. While MVR 1.4 billion was spent on development projects and investment outlays, it is recorded that the state spent MVR 493.9 million as domestic lending.

Moreover, statistics show that the government has spent MVR 2.5 billion for loan repayment.

So far this year, MVR 653.5 million was transferred to the Sovereign Development Fund and MVR six billion was spent on Public Sector Investment Programs (PSIPs).