State expenditure exceeds MVR 7 billion
MVR 527.4 million has been spent on Loan Repayment
Fnance Ministry
The state has spent more than MVR 7 billion by 02 March, 2023.
Statistics revealed by the Ministry of Finance show that the government expenditure is more than the amount they spend during the same period last year. As such, while the state has so far spent MVR 7.8 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 6.2 billion.
The total Recurrent and Capital Expenditure of the state currently sits at MVR 7.3 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 5.7 billion.
Ministry's statistics show that the state spent MVR 5.5 billion as Recurrent Expenditure. This include MVR 1.9 billion spent on Salaries, Wages and Pension of staff, as well as the MVR 3.4 billion spent on Administrative and Operational Expenses.
As such, MVR 848.5 million was spent on salaries and wages of staff and MVR 733.8 million was spent on allowances. While MVR 212.1 million was spent on pension of staff, MVR 99.1 million was spent on retirement benefits and gratuities.
During 2022, the state spent MVR 1.8 billion on Salaries, Wages and Pension of staff by 02 March. During this period MVR 2.4 billion was spent on Administrative and Operational Expenses.
Statistics show that MVR 470.4 million has been spent on Aasandha by 02 March.
Additionally, the state has so far spent MVR 866.8 million on subsidies.
Finance Ministry states that the government has so far spent MVR 306.3 million as Council Grants.
Statistics show that the government spent MVR 1.8 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 1.5 billion.
As such, MVR 51 million was spent on Capital Equipment, and MVR 1.4 billion was spent on infrastructure Assets. This includes MVR 572.3 million spent on Land and Buildings, MVR 312.9 million spent on Roads, Bridges and Airports, as well as MVR 241.6 million spent on Wharves, Ports and Harbors.
It is recorded that the state spent MVR 144.7 million on investment outlays.
Moreover, the government has spent MVR 224.4 million as domestic lending and MVR 527.4 million for Loan Repayment.
So far this year, MVR 163.3 million was transferred to the Sovereign Development Fund.
