Friday
22nd Nov 2024
Dhivehi Edition
Finance Minister Ameer. Photo: President's Office.
Figures published by the Ministry of Finance has revealed that the government's budget deficit has reached MVR 4.7 billion. Weekly figures published by the ministry record the state's budget deficit at MVR 4.7 billion by July 8.
The data also shows that the government by June 8 earned a total income of MVR 9.4 billion. Out of the total, MVR 7 billion is tax revenue, and the remaining MVR 2 billion is revenue unrelated to tax.
The government so far has received MVR 84.7 million in foreign aid, and MVR 8.8 million in capital receipts.
While income received is MVR 9.4 billion, the state has spent MVR 14.2 billion, the largest expense being recurrent spending on daily operations at MVR 10.7 billion.
MVR 1.5 billion was expended on salaries and remunerations, and MVR 5.3 billion on administrative matters and state operations. MVR 215 has also been provided as loan repayments.
While capital expenses are at MVR 3.4 billion, MVR 1 billion has been spent on development projects.
Government expenditure has exceeded income by MVR 4.7 billion. The amount was obtained through loans.
The projected and passed budget for this year has the largest difference in income and expenditure to date.