The Maldivian government has racked up MVR two billion in expenditure for the first 42 days of the ongoing year of 2021.

Statistics made public by the Ministry of Finance show that up until 11 February 2021, the government had recorded MVR 2,090.7 million in expenditure, in comparison to MVR 2,661.3 million spend in the same period for the previous year.

This MVR 2,090.7 million recorded as expenditure in the first 42 days of the year includes MVR 1,749.6 million spent as recurrent expenditure. The recurrent expenditure recorded for the same period last year was lesser at MVR 1,545.2 million.

Finance Ministry statistics show that MVR 369.9 million was spent by the government in issuing salaries and benefits, with MVR 308.5 million spent on allowances for civil service employees. MVR 95.3 million was recorded as spending for the pension scheme, and MVR 40.7 million was recorded as spending for retirement benefits on behalf of the Maldivian government. In the first 42 days of the year, MVR 728.9 million was spent as administrative and operational expenditure for the government.

In addition to this, the MVR 2,090.7 million recorded as government expenditure until 11 February 2021 includes MVR 545.6 million in capital expenditure, in comparison to MVR 911.7 million recorded as capital expenditure for the same period last year.

The statistics by the Ministry of Finance show that MVR 9.9 million had been spent for the acquisition of capital equipment, and an additional MVR 195.3 million had been recorded as spending by the government for infrastructure and assets. Further, the government records MVR 340.4 million as spending for development projects and investment outlays from the start of the year until 11 February.

The government has spent MVR 161.1 million for debt repayments during the first 42 days of 2021, and has successfully transferred MVR 23 million to the Sovereign Development Fund (SDF), which was established to ease the burden of sovereign debt and allow for convenience in repaying loans issued to the Maldivian government. An additional MVR 197.7 million has been recorded as government expenditure for Public Sector Investment Programme (PSIP) projects.

The Maldivian government has accumulated MVR 2.2 billion as revenue in the ongoing year thus far. This includes MVR 1,981.9 million earned in tax revenue and MVR 261.5 million earned as non-tax revenue. The government further reports MVR 1.1 million as income from capital receipts and MVR 2.6 million received as grants as revenue for the first 42 days of 2021.