Government expenditure reaches MVR 34.4 billion

The Maldivian government's expenditure has exceeded MVR 34.4 billion so far this year.

Statistics revealed by the Ministry of Finance show that the expenditure for this year has reached MVR 34.4 billion by 10 November, 2022. For the same period last year, the government expenditure was recorded at MVR 30.8 billion.

The total recurrent and capital expenditure of the state currently sits at MVR 31.8 billion. As such, Ministry's statistics shows that the state has spent MVR 23.4 billion as recurrent expenditure. These include MVR 9.2 billion spent on salaries, wages and pension of staff, as well as the MVR 14.1 billion spent on administrative and operational expenses.

Statistics show that the state has so far spent MVR four billion on Salaries and Wages, MVR 3.7 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 7.3 billion as Grants, Contributions and Subsidies. As such MVR 1.6 billion was spent under 'Aasandha' and MVR 3.3 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 8.4 billion as capital expenditure. For the same period last year, the government's capital expenditure was MVR seven billion.

As such, MVR 360.6 million was spent on capital equipment and MVR 6.1 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 502.1 million as domestic lending.

Moreover, statistics show that the government has spent MVR 2.6 billion for loan repayment.

So far this year, MVR 702.6 million was transferred to the Sovereign Development Fund and MVR 6.3 billion was spent on Public Sector Investment Programs (PSIPs).