State expenditure reaches MVR 18 billion

The state has spent more than MVR 18 billion by 25 May, 2023.

Statistics revealed by the Ministry of Finance shows 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 18.7 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 15.9 billion.

The total Recurrent and Capital Expenditure of the state currently sits at MVR 17.7 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 14.2 billion.

Ministry's statistics shows that the state spent MVR 11.9 billion as Recurrent Expenditure. This include MVR four billion spent on Salaries, Wages and Pension of staff, as well as the MVR 7.8 billion spent on Administrative and Operational Expenses.

As such, MVR 1.7 billion was spent on salaries and wages of staff and MVR 1.6 billion was spent on allowances. While MVR 533 million was spent on pension of staff, MVR 213.5 million was spent on retirement benefits and gratuities.

During 2022, the state spent MVR 3.9 billion on Salaries, Wages and Pension of staff by 25 May. During this period MVR 6.5 billion was spent on Administrative and Operational Expenses.

Statistics shows that MVR 984.1 million has been spent on Aasandha by 25 May.

Additionally, the state has so far spent MVR 1.7 billion on subsidies.

Finance Ministry states that the government has so far spent MVR 763.9 million as Council Grants.

Statistics show that the government spent MVR 5.7 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 3.8 billion.

MVR 193.6 million was spent on Capital Equipment, and MVR 4.5 billion was spent on infrastructure Assets. This includes MVR 1.4 billion spent on Land and Buildings, MVR 1.5 billion spent on Roads, Bridges and Airports, as well as MVR 507.1 million spent on Wharves, Ports and Harbors.

It is recorded that the state spent MVR 599.5 million on investment outlays. The state has so far spent MVR 5.4 million on Development Projects.

Moreover, the government has spent MVR 441.3 million as domestic lending and MVR 960.8 million for Loan Repayment.

So far this year, MVR 433.1 million was transferred to the Sovereign Development Fund.