State expenditure for 2024 has crossed the MVR 13 billion mark, according to the Ministry of Finance’s latest Weekly Fiscal Report.

The total cost of loan repayments alone stood at MVR 13.5 billion as of 25 March. This amount, however, was lower than the MVR 15.8 billion spent on repayments over the same period last year.

Excluding borrowing, government expenditure stood at MVR 12.6 billion, of which 77 percent (MVR 9.7 billion) is recurrent expenditure — MVR 3.2 billion was spent on remunerations and pensions contributions, while MVR 6.3 billion was spent on administrative and operating expenses.

Recurrent expenditure stood at MVR 9.9 billion over the same period last year.

The Public Sector Investment Program (PSIP) has, as of now, spent MVR 1.6 billion this year.

The state has collected MVR 11.1 billion in revenue so far this year, including MVR 9.2 billion in taxes and MVR 1.8 billion through other levies and fees.