State expenditure exceeds MVR 27.9 billion

The state expenditure reached MVR 27.9 billion by 03 August, 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 27.9 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 24.2 billion.

The total Recurrent and Capital Expenditure of the state currently sits at MVR 26.4 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 22billion.

Ministry's statistics show that the state spent MVR 18.1 billion as Recurrent Expenditure. This include MVR 6.9 billion spent on Salaries, Wages and Pension of staff, as well as MVR 11 billion spent on Administrative and Operational Expenses.

As such, MVR three billion was spent on salaries and wages of staff and MVR 2.7 billion was spent on allowances. While MVR 748.2 million was spent on pension of staff, MVR 334.3 million was spent on retirement benefits and gratuities.

During 2022, the state spent MVR 6.4 billion on Salaries, Wages and Pension of staff by 03 August. During this period MVR 9.5 billion was spent on Administrative and Operational Expenses.

Statistics shows that MVR 1.3 billion was spent on Aasandha by 03 August.

Additionally, the state has so far spent MVR 2.5 billion on subsidies.

Finance Ministry stated that the government has so far spent MVR 1.1 billion as Council Grants.

Statistics show that the government spent MVR 8.2 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR six billion.

MVR 277.9 million was spent on Capital Equipment, and MVR 6.4 billion was spent on infrastructure Assets. This includes MVR two billion spent on Land and Buildings, MVR 2.2 billion spent on Roads, Bridges and Airports, as well as MVR 726.4 million spent on Wharves, Ports and Harbors.

It is recorded that the state spent MVR 992.4 million on investment outlays. The state has so far spent MVR 7.8 million on Development Projects.

Moreover, the government has spent MVR 580.2 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.