State earns MVR 12.5 bn, spends MVR 13.9 bn by end of 3rd quarter

Maldives Monetary Authority’s quarterly economic bulletin, released by the central bank this Thursday, shows State income by end of third quarter stands at MVR 12.5 billion, and State expenditure at MVR 13.9 billion.

State earned an income of MVR 642 million during the third quarter, which is a 5 percent increase compared to third quarter income in 2015.

Meanwhile, third quarter expenditure also increased, by MVR 23.6 million, compared to third quarter expenditure in 2015.

Total 74 percent of the State income came from tax payments.

Tax income also showed an increase of 3 percent; which is attributed to the Green Tax introduced during the third quarter, as well as an increase in earnings from GST.

The quarterly economic bulletin shows State earned 53 percent of the projected income for 2016 by the end of third quarter. And has spent 58 percent of the total amount of expenditure projected for 2016.

MMA noted that the increase in State expenditure was due to increase on spending on Public Sector Investment Programs (PSIP) – most of it on redevelopment of Male’ City.