Govt Overspends MVR 621 Million

The State has spent MVR 600 million more than the revenue that it had earned.

According to statistics published by the Ministry of Finance, the State had earned MVR 3.6 billion in revenue between 1 January and 24 February. This is comprised of MVR 3 billiion from taxes, MVR 751 million from non-tax revenue, MVR 2.5 million from capital receipts, and MVR 58 million from aid.

The State had spent a total MVR 4.3 billion in this period of time, an excess expenditure of MVR 621 million.

The government had spent MVR 612 million in excess during the same period last year.

Economic experts have estimated that the government would not reach its estimated revenue targets this year. For instance, while the government had expected MVR 2.9 billion in aid, the government has not been able to raise MVR 100 million in aid since the beginning of the year.