State expenditure reaches MVR 11 billion

The state has spent more than MVR 11 billion by 30 March, 2023.

Statistics revealed by the Ministry of Finance show that the government expenditure is more than the amount they spent during the same period last year. As such, while the state has so far spent MVR 11.9 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 10 billion.

The total Recurrent and Capital Expenditure of the state currently sits at MVR 11 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 9.9 billion.

Ministry's statistics show that the state spent MVR 7.6 billion as Recurrent Expenditure. This include MVR 2.8 billion spent on Salaries, Wages and Pension of staff, as well as the MVR 4.7 billion spent on Administrative and Operational Expenses.

As such, MVR 1.2 billion was spent on salaries and wages of staff and MVR 1.2 billion was spent on allowances. While MVR 318.9 million was spent on pension of staff, MVR 140.6 million was spent on retirement benefits and gratuities.

During 2023, the state spent MVR 2.7 billion on Salaries, Wages and Pension of staff by 30 March. During this period MVR 4.1 billion was spent on Administrative and Operational Expenses.

Statistics show that MVR 628.1 million has been spent on Aasandha by 30 March.

Additionally, the state has so far spent MVR 1.2 billion on subsidies.

Finance Ministry states that the government has so far spent MVR 459.3 million as Council Grants.

Statistics show that the government spent MVR 3.5 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 2.9 billion.

As such, MVR 62.2 million was spent on Capital Equipment, and MVR 2.6 billion was spent on infrastructure Assets. This includes MVR 922.4 million spent on Land and Buildings, MVR 818.5 million spent on Roads, Bridges and Airports, as well as MVR 315.9 million spent on Wharves, Ports and Harbors.

It is recorded that the state spent MVR 394.8 million on investment outlays.

Moreover, the government has spent MVR 367.5 million as domestic lending and MVR 788.9 million for Loan Repayment.

So far this year, MVR 278.4 million was transferred to the Sovereign Development Fund.