Project spending was down compared to the same period last year, while more was spent on salaries, according to the latest Weekly Fiscal Report by the Ministry of Finance.
This year, approximately MVR 1.84 billion was allocated for development projects, significantly less than the roughly MVR 4.5 billion spent during the corresponding period last year.
Expenditure on security and safety projects amounted to MVR 26.9 million, down from MVR 78.5 million allocated for similar programmes last year.
In the health sector, spending on projects totalled MVR 39.9 million, a decrease from the MVR 51.8 million allocated during the same period last year.
For education projects, spending reached MVR 107.3 million, compared to MVR 195.6 million in the same period last year. Of this, MVR 7.1 million was allocated for universities and MVR 100.2 million for schools. Last year, MVR 10.5 million was spent on university-related projects, while MVR 185.2 million was allocated for school projects.
Environmental protection projects saw a decrease, with spending totalling MVR 147.5 million compared to MVR 202.7 million last year. Of this, MVR 46.2 million was allocated for waste management, MVR 98.3 million for beach protection, and MVR 3.0 million for renewable energy initiatives.
In the previous year, MVR 45.5 million was spent on waste management, MVR 139.1 million on beach protection, MVR 6.3 million on drainage systems, and MVR 11.7 million on renewable energy.
Water and sewerage projects accounted for MVR 210 million in spending, a significant decrease from the MVR 709.6 million allocated during the same period last year.
Meanwhile, spending on transport networks amounted to MVR 299.9 million, down from MVR 1.4 billion in the same period last year.
Overall, spending on salaries increased by MVR 440.9 million—spending on education, environmental protection, and water and sewerage projects during the same period this year came in at MVR 465.2 million—while expenditure on development projects decreased by MVR 2.6 billion compared to the same period last year.
State revenue increased MVR 515.1 million this year to MVR 13.2 billion, compared to MVR 12.7 billion over the same period last year. Of this revenue, MVR 10.8 billion came from taxes, MVR 2.2 billion from other fees and levies, and MVR 91.4 billion from grants collected by the state so far this year.
The latest fiscal report by the Ministry of Finance detailed state expenditure up to 16 May 2024.
