Government expenditure exceeds MVR 42 billion

The Maldivian government's expenditure has exceeded MVR 42 billion by 29 December 2022.

Statistics revealed by the Ministry of Finance show that the expenditure for the year reached MVR 42.6 billion by 29 December, 2022. For the same period of 2021, the government expenditure was recorded at MVR 37 billion.

The total Recurrent and Capital Expenditure of the state sit at MVR 39.9 billion. As such, Ministry's statistics shows that the state spent MVR 27.9 billion as Recurrent Expenditure. This include MVR 11 billion spent on Salaries, Wages and Pension of staff, as well as the MVR 16.8 billion spent on Administrative and Operational Expenses.

Statistics show that the state spent MVR 4.9 billion on Salaries and Wages, MVR 4.4 billion on Allowances to Employees and MVR 1.8 billion on Pensions, Retirement Benefits and Gratuities.

The Ministry's statistics reveal that the state has spent MVR 8.4 billion as Grants, Contributions and Subsidies. As such MVR 1.8 billion was spent under 'Aasandha' and MVR 3.7 billion was spent on Subsidies.

The government has spent MVR 1.7 billion as Council Grants as well.

Ministry's statistics also shows that the state spent MVR 1.2 billion on other grants and contributions.

Statistics show that the government spent MVR 11.9 billion as Capital Expenditure. For the same period of 2021, the government's Capital Expenditure was MVR nine billion.

As such, MVR 533.5 million was spent on Capital Equipment and MVR 8.6 billion was spent on Infrastructure Assets. While MVR two billion was spent on development projects and investment outlays, it is recorded that the state spent MVR 748.4 million as domestic lending.

Moreover, statistics show that the government has spent MVR 2.7 billion for Loan Repayment.

So far this year, MVR 820.1 million was transferred to the Sovereign Development Fund and MVR 8.8 billion was spent on Public Sector Investment Programs (PSIPs).