State revenue reaches MVR 5 billion for ongoing year

The Ministry of Finance has revealed that state revenue has reached MVR 5 billion thus far in the ongoing year.

The Weekly Fiscal Development report publicized by the Ministry of Finance revealed that the state's revenue had increased by MVR 1 billion within a week. As such, the state had recorded MVR 4,151.1 million as revenue by 25 March 2021. which increased to MVR 5,006.9 million in the following week until 1 April. This constitutes MVR 3,995.1 million in tax revenue, and MVR 955.8 million in non-tax revenue recorded for the state during this period.

The revenue recorded for the same period last year was MVR 5,588.9 million, including MVR 4,484.3 million reported as tax revenue and MVR 1,002.3 million logged as non-tax revenue accumulated by the state.

Further statistics by the Ministry of Finance reveal that while the state had recorded MVR 4.1 million in capital receipts for the same period last year, the capital receipts recorded this year had been MVR 2.8 million. In addition to this, the state has recorded MVR 55 million in grants in 2021, while the state had received MVR 111.7 million in grants for the same period last year.

The Maldivian government has recorded a total expenditure of MVR 6,575.9 million thus far in 2021. This includes MVR 4,853.5 million reported as recurrent expenditure, and MVR 1,722.4 million recorded as capital expenditure. For the same period last year, the state had recorded MVR 4,986.4 million as recurrent expenditure, and MVR 1,723.3 million as capital expenditure, totaling MVR 6,709.7 million in expenditure. In comparison, state expenditure for the same period in 2021 is two percent less.

The government of the Maldives has spent MVR 293.2 million in loan repayments thus far for the ongoing year, with MVR 62.2 million transferred in the the Sovereign Development Fund. Further, the state has also transferred MVR 324.4 million in block grants to councils in the ongoing year of 2021.