The state’s recurrent expenditure increased more than 4.5 percent this year compared to 2023, figures from the Ministry of Finance have revealed.

According to the Weekly Fiscal Report, MVR 14.1 billion was spent on recurrent expenditure from 1 January to 6 June. Expenditure over the same period last year stood at MVR 13.5 billion, marking an increase of more than 4.5 percent, or MVR 627 million, in 2024.

The largest increase in recurrent expenditure was on salaries and remuneration. As of 6 June 2024, salaries, allowances, and pension contributions reached MVR 5.5 billion. Expenditure on salaries and remuneration over the same period last year stood MVR 4.9 billion.

While MVR 2.4 billion was spent on basic salaries, MVR 2.2 billion went towards remunerative benefits, and MVR 831 million was allocated to pension contributions.

Finance Ministry data showed that the spend on salaries, allowances and pension contributions increased by 12.2 percent this year when compared to the same period in 2023 — an increase of approximately MVR552 million.

In addition to salaries and remuneration, operating expenses also increased over the previous year, reaching MVR 8.5 billion this year compared to MVR 8.3 billion during the same period last year.