State expenditure reaches MVR 44 billion

The state expenditure had reached MVR 44 billion by 07 December, 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 44.3 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 39 billion.

The total Recurrent and Capital Expenditure of the state currently sits at MVR 42.3 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 34.6 billion.

Ministry's statistics show that the state spent MVR 28.8 billion as Recurrent Expenditure. This include MVR 10.9 billion spent on Salaries, Wages and Pension of staff, as well as MVR 17.3 billion spent on Administrative and Operational Expenses.

As such, MVR 4.9 billion was spent on salaries and wages of staff and MVR 4.3 billion was spent on allowances. While MVR 1.2 billion was spent on pension of staff, MVR 536 million was spent on retirement benefits and gratuities.

During 2022, the state spent MVR 10.2 billion on Salaries, Wages and Pension of staff by 07 December. During this period MVR 15.2 billion was spent on Administrative and Operational Expenses.

Statistics show that MVR 1.8 billion was spent on Aasandha by 07 December.

Additionally, the state has so far spent MVR 3.7 billion on subsidies.

Finance Ministry stated that the government has so far spent MVR 1.8 billion as Council Grants.

Statistics show that the government spent MVR 13.4 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 9.2 billion.

MVR 561.5 million was spent on Capital Equipment, and MVR 10.5 billion was spent on infrastructure Assets. This includes MVR 3.8 billion spent on Land and Buildings, MVR 3.4 billion spent on Roads, Bridges and Airports, as well as MVR 950.5 million spent on Wharves, Ports and Harbors.

It is recorded that the state spent MVR 1.3 billion on investment outlays. The state has so far spent MVR 16.6 million on Development Projects.

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

So far this year, MVR 924.5 million has been transferred to the Sovereign Development Fund.