State Accumulates MVR 5.2 Billion in Debt

Weekly figures published by the Ministry of Finance show that the state has accumulated MVR 5.2 billion in debt so far this year.

The data shows the state has received an income of MVR 9.9 billion by July 29.

Although MVR 9.9 billion was earned as income, the state has expended MVR 15.2 million. The greatest portion of income was collected in the form of tax, at MVR 7.4 billion. The state has received MVR 2.3 billion as income unrelated to tax, and MVR 87.2 million in aid.

Expenses totaled MVR 15.2 billion. MVR 11.6 billion was expended on recurrent costs, MVR 5.9 billion on salaries, benefits, and pensions, and MVR 5.4 billion on administrative requirements.

MVR 1.6 billion has been spent on development projects, MVR 1 billion on infrastructure assets.

While income received is at MVR 9.9 billion and expenses total MVR 15.2 billion, the additional expense of MVR 5.2 billion is from various loans.