State expenditure exceeds MVR 25 billion
The total Recurrent and Capital Expenditure of the state currently sits at MVR 23.9 billion
Ministry of Finance
The state expenditure reached MVR 25 billion by 20 July, 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 25.4 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 22.2 billion.
The total Recurrent and Capital Expenditure of the state currently sits at MVR 23.9 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 20.1 billion.
Ministry's statistics show that the state spent MVR 16.1 billion as Recurrent Expenditure. This include MVR 5.9 billion spent on Salaries, Wages and Pension of staff, as well as MVR 10 billion spent on Administrative and Operational Expenses.
As such, MVR 2.6 billion was spent on salaries and wages of staff and MVR 2.4 billion was spent on allowances. While MVR 640.2 million was spent on pension of staff, MVR 286.9 million was spent on retirement benefits and gratuities.
During 2022, the state spent MVR 5.7 billion on Salaries, Wages and Pension of staff by 20 July. During this period MVR 8.9 billion was spent on Administrative and Operational Expenses.
Statistics shows that MVR 1.2 billion was spent on Aasandha by 20 July.
Additionally, the state has so far spent MVR 2.2 billion on subsidies.
Finance Ministry stated that the government has so far spent MVR 976.6 million as Council Grants.
Statistics show that the government spent MVR 7.8 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 5.4 billion.
MVR 261.8 million was spent on Capital Equipment, and MVR six billion was spent on infrastructure Assets. This includes MVR 1.9 billion spent on Land and Buildings, MVR two billion spent on Roads, Bridges and Airports, as well as MVR 656.1 million spent on Wharves, Ports and Harbors.
It is recorded that the state spent MVR 964.8 million on investment outlays. The state has so far spent MVR 7.7 million on Development Projects.
Moreover, the government has spent MVR 539.4 million as domestic lending and MVR 1.4 billion for Loan Repayment.
So far this year, MVR 552.3 million has been transferred to the Sovereign Development Fund.
