Thursday 25th Jul 2024
Dhivehi Edition
News Reports Sports Business
Budget deficit

Government Expenditure Exceeds State Income by MVR 3.6 Billion

The government expenditure exceeded state income by MVR3.6 billion.
Weekly figures publicized by the Ministry of Finance show that the state received MVR 8 billion by June 10. The amount comprised MVR 6.2 billion in tax revenue and MVR 1.6 billion nontaxrevenue. Last year, MVR 5.2 billion was received within the same period with an additional MVR 1.5 billion as nontax revenue, adding up to a total of MVR 6.8 billion.
Aid received this year amounted to MVR 70.7 million, while the government received a total of MVR 139.1 billion within the same duration last year. The government predicts more financial aid this year as well.
The state has spent MVR 11.6 billion up until June 10. The largest expense being recurrent spending on daily operations, at MVR 8.8 billion. This is an increase of MVR 713 million in comparison to the previous year.
At present, MVR 1.1 billion has been laid out for development projects, MVR 213 million more than the past year.
Experts doubt the state will collect enough revenue to cover the expected deficit.
While the leasing of resorts was forecast to yield a great amount of income, the cost of leases for 16 islands was reduced.