The state, as of 7 November, has spent MVR 41.59 billion of the National Budget 2024, including for expenditure on loan repayments, according to the latest Weekly Fiscal Development Report by the Ministry of Finance. Total spending over the same period last year was MVR 41.2 billion.
The total National Budget for 2024 stands at MVR 55 billion — including the MVR 5.5 billion supplementary budget approved by parliament last month.
State expenditure, excluding loan repayments, amounted to MVR 39.5 billion, of which 71 percent, or MVR 28.1 billion, was recurrent expenditure.
While MVR 11.2 billion was spent on salaries, allowances, and pensions, MVR 16.8 billion went towards administrative and operating expenses. In comparison, expenditure on salaries, allowances, and pensions stood at MVR 9.9 billion over the same period last year, while administrative and operating expenses amounted to MVR 16.2 billion.
Spending on development via Public Sector Investment Program (PSIP) projects came in at MVR 8 billion; 2.2 billion lower than the MVR 10.2 billion over the same period last year.
The state has collected MVR 29.3 billion in revenue so far this year, including MVR 22.4 billion in taxes and MVR 6.3 billion in non-tax revenue. In addition, the state received the equivalent of MVR 565 million in grant aid.
Revenue, combined with grant aid, stood at MVR 28.9 billion over the same period last year.