business

State deficit hits MVR 950m as spending surges past MVR 28bn

Maldives recorded MVR 27.1 billion in revenue, primarily from tax collections, while recurrent costs reached MVR 24.5 billion. Capital spending on infrastructure totaled MVR 3.6 billion, a 30 percent decrease from the previous year. Domestic borrowing through state securities reached MVR 99 billion, led by local currency Treasury Bills