Government expenditure at almost MVR 10 billion

The government income and expenditure statement published by the Ministry of Finance has shown that government expenditure as at 27 September 2012 stood at nearly MVR10 billion.

The weekly report by Finance Ministry shows that government expenditure is at MVR9.6 billion, while income is at MVR7.1 billion. This results in a deficit of MVR2.5 billion.

The parliament passed a budget of MVR14 billion for this year, with a deficit of MVR3.8 billion. Finance Ministry now estimates that the budget deficit will reach MVR6 billion.

MVR6.85 was spent on recurrent expenses, while MVR1.2 was spent on capital expenses by the government.

The highest government expense is employee salaries, which is MVR3.5 billion. Operating expenses for government offices is MVR3.3 billion.

MVR9.6 billion was spent on government institutions. The highest amount was spent on Education Ministry, which was MVR1.5 billion. The office with the second highest expenditure was Health Ministry, at MVR1.1 billion.

MVR3.2 billion was spent through Finance Ministry’s special budget, MVR83.6 million was spent on President’s Office, and MVR123.2 was spent on the parliament.

MVR1.5 billion was spent on loan repayment, which includes MVR2.6 million on repayment of short-term domestic loans and MVR874 million on repayment of long-term domestic loans.

Finance Ministry has estimated that the government debt will be at MVR20 billion by the end of the year. Total debt at the end of last year was at MVR23 billion, which was about 115 percent of real GDP. Total debt at the end of 2008 was MVR9.8 billion.