Government expenditure exceeds revenue by MVR 132 Million in 2020
The estimated expenditure for the 1st week of the year was MVR 35.9 million whereas the estimated revenue was predicted to be MVR 29.9 million
The Ministry of Finance in the capital city
Statistics of the Ministry of Finance shows that state revenue during the first week of 2020 was at MVR 87.8 million rufiya while state expenditure was at MVR 219.9 million rufiya. This is a deficit of MVR 132.1 million rufiya.
The weekly fiscal development report for the first week of the year states that the estimated expenditure for that week was MVR 35.9 million whereas the estimated revenue was predicted to be MVR 29.9 million. However, both the estimated revenue and expenditure exceeded the predicted amounts.
The state's expenses for the first week consisted mostly of recurrent expenditures such as wages, allowances, pensions and expenses for PSIP's. While MVR 82 million was disbursed for PSIP's, MVR 137 million was spent in recurrent expenditures.
As for state revenue in the first week of the year, MVR 54.2 million was generated through taxes. Other modes of income generated MVR 32.5 million. The most revenue was received from Goods and Services Tax (GST) with MVR 38.7 million, followed by Business and Properties Tax (BPT) with MVR 11.2 million.
As such, state revenue during the first week of 2020 was at MVR 87.8 million. On the other hand, state expenditure was at MVR 219.9 million rufiya.
