business

State spending surges past MVR 34bn mid-year: expenditure jumps 45 percent as public deficit emerges

The government recorded a MVR 1.3 billion deficit by late June, with MVR 34.2 billion in spending against MVR 22.5 billion in revenue. Major outlays included debt servicing, staff wages, and infrastructure projects. While tax collections reached MVR 17.2 billion, the Ministry of Finance noted that these figures remain subject to revision.