State expenditure so far this year has increased compared to last year, however, capital expenditure declined by MVR 1.5 billion, according to data released by the Ministry of Finance.

Total expenditure as of 21 March was MVR 8.94 billion; a decrease of MVR 1.45 billion compared to the same period last year, the ministry’s weekly financial statements showed.

The decrease in total expenditure was attributed to a significant reduction in capital expenditure. March capital expenditure stood at MVR 2.06 billion in 2024, lower than the MVR 3.64 billion over the same period last year.

Capital expenditure on Public Sector Investment Programme (PSIP) projects also declined significantly during the same period compared to the previous year. MVR 2.88 billion was spent on PSIP last year, versus MVR 1.13 billion over the same period this year.

Recurrent expenditure, however, increased this year compared to the same period last year.

Total recurrent expenditure stood at MVR 6.75 billion in March of last year, while it rose to MVR 6.88 billion over the same period this year.

Revenue for the period was up — MVR 7.75 billion last year, compared to MVR 7.88 billion this year. This was attributed to an increase of about MVR 500 million in tax revenue this year over last.