State expenditure exceeds MVR 32 billion

The state expenditure had reached MVR 32 billion by 07 September, 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 32.7 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 27.9 billion.

The total Recurrent and Capital Expenditure of the state currently sits at MVR 30.8 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 25.4 billion.

Ministry's statistics show that the state spent MVR 21 billion as Recurrent Expenditure. This include MVR 7.9 billion spent on Salaries, Wages and Pension of staff, as well as MVR 12.8 billion spent on Administrative and Operational Expenses.

As such, MVR 3.5 billion was spent on salaries and wages of staff and MVR 3.1 billion was spent on allowances. While MVR 856.4 million was spent on pension of staff, MVR 383.5 million was spent on retirement benefits and gratuities.

During 2022, the state spent MVR 7.4 billion on Salaries, Wages and Pension of staff by 07 September. During this period MVR 11 billion was spent on Administrative and Operational Expenses.

Statistics show that MVR 1.5 billion was spent on Aasandha by 07 September.

Additionally, the state has so far spent MVR 2.8 billion on subsidies.

Finance Ministry stated that the government has so far spent MVR 1.3 billion as Council Grants.

Statistics show that the government spent MVR 9.8 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 6.9 billion.

MVR 340 million was spent on Capital Equipment, and MVR 7.6 billion was spent on infrastructure Assets. This includes MVR 2.6 billion spent on Land and Buildings, MVR 2.6 billion spent on Roads, Bridges and Airports, as well as MVR 818.1 million spent on Wharves, Ports and Harbors.

It is recorded that the state spent MVR 1.1 billion on investment outlays. The state has so far spent MVR 10.2 million on Development Projects.

Moreover, the government has spent MVR 733.7 million in as domestic lending and MVR 1.8 billion for Loan Repayment.

So far this year, MVR 693.5 million has been transferred to the Sovereign Development Fund.