Around MVR 921.2 million was spent on loan repayments as of 18 March this year; nearly MVR 100 million more than the MVR 822.6 million spent towards repayments during the same period last year, data released by the Finance Ministry has confirmed.

Meanwhile, the Sovereign Development Fund (SDF), over the same period, had accumulated MVR 319.7 million; an increase of 4.2 percent over the MVR 306.6 million deposited within the same period last year — projections for SDF collections by year’s end remain at MVR 1 billion.

A total of MVR 12.7 billion of the state’s budget for 2024 has already been spent — state expenditure was at MVR 15.1 billion through the same period last year.

While MVR 3.2 billion was spent on employee remuneration, MVR 5.7 billion was utilised for administrative and operating expenses. Additionally, MVR 107.4 million went towards covering successful compensation claims, and MVR 1.5 billion has been allocated for the Public Sector Investment Program (PSIP) thus far.

The state has received MVR 10.5 billion in revenue so far this year; MVR 8.7 billion as taxes and MVR 1.7 billion through other levies and fees.