K. Male'
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16 Aug 2023 | Wed 17:13
Finance Ministry
Finance Ministry
RaajjeMV
State expenditure
State Expenditure exceeds MVR 28 billion
The total Recurrent and Capital Expenditure of the state currently sits at MVR 26.9 billion
The state spent MVR 18.6 billion as Recurrent Expenditure

The state expenditure reached MVR 28 billion by 10 August, 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 28.5 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 24.8 billion.

The total Recurrent and Capital Expenditure of the state currently sits at MVR 26.9 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 22. 6 billion.

Ministry's statistics show that the state spent MVR 18.6 billion as Recurrent Expenditure. This include MVR 6.9 billion spent on Salaries, Wages and Pension of staff, as well as MVR 11.5 billion spent on Administrative and Operational Expenses.

As such, MVR three billion was spent on salaries and wages of staff and MVR 2.8 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 6.5 billion on Salaries, Wages and Pension of staff by 10 August. During this period MVR 9.9 billion was spent on Administrative and Operational Expenses.

Statistics show that MVR 1.4 billion was spent on Aasandha by 10 August.

Additionally, the state has so far spent MVR 2.6 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 8.4 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR six billion.

MVR 291.5 million was spent on Capital Equipment, and MVR 6.5 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 740.5 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 590 million in as domestic lending and MVR 1.5 billion for Loan Repayment.

So far this year, MVR 552.3 million has been transferred to the Sovereign Development Fund.

Last updated at: 10 months ago
Reviewed by: Fathimath Zuhaira
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