State expenditure reaches MVR 20 billion

The state has spent more than MVR 20 billion by 08 June, 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 20.7 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 17.7 billion.

The total Recurrent and Capital Expenditure of the state currently sits at MVR 19.7 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 15.9 billion.

Ministry's statistics shows that the state spent MVR 13.4 billion as Recurrent Expenditure. This include MVR 4.9 billion spent on Salaries, Wages and Pension of staff, as well as the MVR 8.2 billion spent on Administrative and Operational Expenses.

As such, MVR 2.2 billion was spent on salaries and wages of staff and MVR 1.9 billion was spent on allowances. While MVR 533 million was spent on pension of staff, MVR 237.8 million was spent on retirement benefits and gratuities.

During 2022, the state spent MVR 4.6 billion on Salaries, Wages and Pension of staff by 08 June. During this period MVR 6.9 billion was spent on Administrative and Operational Expenses.

Statistics shows that MVR one billion has been spent on Aasandha by 08 June.

Additionally, the state has so far spent MVR 1.8 billion on subsidies.

Finance Ministry states that the government has so far spent MVR 781.8 million as Council Grants.

Statistics show that the government spent MVR 6.2 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 4.4 billion.

MVR 216.8 million was spent on Capital Equipment, and MVR 4.9 billion was spent on infrastructure Assets. This includes MVR 1.5 billion spent on Land and Buildings, MVR 1.7 billion spent on Roads, Bridges and Airports, as well as MVR 520.5 million spent on Wharves, Ports and Harbors.

It is recorded that the state spent MVR 640.3 million on investment outlays. The state has so far spent MVR 6.9 million on Development Projects.

Moreover, the government has spent MVR 463.2 million as domestic lending and MVR one billion for Loan Repayment.

So far this year, MVR 479.8 million was transferred to the Sovereign Development Fund.