Gov’t Expenditure Sees 30% Reduction

The Ministry of Finance has revealed that current-year government expenditure totals MVR 4 billion, signifying a significant 30% decrease from the previous year’s expenditure of MVR 5.9 billion for the same period.

The Ministry’s latest weekly fiscal report details the expenditure reduction, with MVR 3.1 billion spent on recurrent expenses and MVR 905 million on capital expenditures. Recurrent expenditure includes MVR 1 billion allocated for salaries and allowances and MVR 2.1 billion for administrative costs. Capital expenditure primarily covers structural development projects.

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The Ministry of Finance also reports that the government has generated MVR 4.4 billion in revenue so far this year. This total comprises MVR 3.9 billion in tax revenue, MVR 505 million in non-tax revenue, and MVR 9.9 million in aid. Tax revenue primarily consists of import duties, business and property taxes (BPT), and goods and services tax (GST).

According to the Ministry of Finance, revenue exceeded government expenditure by MVR 400 million as of the 15th of this month.