date_range
Wednesday 04 Dec 2024
LOCAL EDITION
close
LOCAL EDITION
Finance Ministry headquarters. (File Photo/Sun/Fayaz Moosa)
The government’s spending on salaries, allowances and pension has risen by MVR 1 billion compared to the previous year.
According to the weekly fiscal development report released by the Finance Ministry, the total expenditure stands at MVR 40.8 billion as of November 21, while the total revenue and grants stand at MVR 29.8 billion. Both figures show a slight increase from the same period in 2023 when total expenditure was recorded at MVR 40.5 billion and the total revenue and grants was recorded at MVR 29.6 billion.
The report shows that recurrent expenditure rose from MVR 27.5 billion last year to MVR 28.6 billion this year – marking an increase of over MVR 1 billion.
This can be attributed to an increase in salaries, allowances and pension. The report shows the figure rose from MVR 9.98 billion last year to MVR 11.2 billion this year – marking an increase of MVR 1.26 billion.
2023:
2024:
Meanwhile, the capital expenditure declined from MVR 13.01 billion last year to MVR 12.19 billion this year.
The spending on Public Sector Investment Program (PSIP) projects declined from MVR 10.5 billion last year to MVR 8.82 billion this year.
The total revenue collected this year includes MVR 22.7 billion in tax revenue. The biggest contribution to tax revenue came from GST with MVR 12.1 billion.
The government received MVR 569 million in grants this year – lower than the MVR 662 million received last year.
The Parliament has originally passed a budget of MVR 49.8 billion for this year. In October, the Parliament approved a supplementary budget of MVR 5.1 billion – increasing the total budget to MVR 55 billion.
This has increased the total budget deficit to MVR 18 billion, which is 16 percent of the GDP.
The Finance Ministry projects the debt-GDP ratio will be at 118 percent at the end of the year.
