The state has spent more than MVR 10 billion by 16 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 10 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 7.8 billion.
The total Recurrent and Capital Expenditure of the state currently sits at MVR 9.2 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 7.2 billion.
Ministry's statistics show that the state spent MVR 6.2 billion as Recurrent Expenditure. This include MVR two billion spent on Salaries, Wages and Pension of staff, as well as the MVR four billion spent on Administrative and Operational Expenses.
As such, MVR 849.3 million was spent on salaries and wages of staff and MVR 851.1 million was spent on allowances. While MVR 212.2 million was spent on pension of staff, MVR 99.2 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 16 March. During this period MVR 3.1 billion was spent on Administrative and Operational Expenses.
Statistics show that MVR 526.9 million has been spent on Aasandha by 16 March.
Additionally, the state has so far spent MVR 982.5 million on subsidies.
Finance Ministry states that the government has so far spent MVR 457.1 million as Council Grants.
Statistics show that the government spent MVR three billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 2.3 billion.
As such, MVR 56.9 million was spent on Capital Equipment, and MVR 2.5 billion was spent on infrastructure Assets. This includes MVR 872 million spent on Land and Buildings, MVR 796.2 million spent on Roads, Bridges and Airports, as well as MVR 273.6 million spent on Wharves, Ports and Harbors.
It is recorded that the state spent MVR 148.4 million on investment outlays.
Moreover, the government has spent MVR 363.7 million as domestic lending and MVR 782 million for Loan Repayment.
So far this year, MVR 211 million was transferred to the Sovereign Development Fund.