The Maldives Monetary Authority (MMA) has revealed that the government's total expenditure in September 2024 increased by MVR 1.2 billion compared to September 2023, excluding debt repayment. This represents a 32 percent increase.

According to the latest Economic Update published by the central bank of Maldives, the increase in expenditure was mainly due to an MVR 721.9 million rise in capital expenditure. In addition to this, recurrent expenditure in September 2024 increased by MVR 443 million compared to September 2023.

Based on the most recent available data, the government's total debt -excluding government-guaranteed debt- reached MVR 112.2 billion by the end of the first quarter of 2024. This is a one percent increase compared to the fourth quarter of 2023. In terms of GDP ratio, the government's total debt decreased from 103 percent in the fourth quarter of 2023 to 98 percent by the end of the first quarter of 2024.

The central bank went on to reveal that during this period, the increase in government debt was mainly due to domestic debt.

Shedding light on the total revenue, excluding grants, there was an increase of MVR 1.1 billion in September 2024 compared to September 2023. This represents a 62 percent increase.

MMA reported that the increase in revenue was due to rises in both tax and non-tax revenue. Tax revenue increased by MVR 600.4 million, while non-tax revenue increased by MVR 512.4 million.