The state had spent a total of MVR 7 billion this year as of end of February, with revenue exceeding expenditure by MVR 15.7 million in the first two months of this year, according to data released by the Ministry of Finance.

Recurrent expenditure stood at MVR 5.2 billion, capital expenditure at MVR 1.2 billion, and loan repayment at MVR 564.7 million.

According to the ministry’s latest weekly fiscal report, state expenditure stood at MVR 8.8 billion over the same period last year.

The government spent MVR 2.1 billion on salaries, allowances and pensions while MVR 3 billion was spent on administrative and operating expenditure.

In addition, MVR 836 million was spent on development projects under the Public Sector Investment Program (PSIP).

Spending declined this year compared to last year; however, revenue has also declined.

The state received MVR 6.5 billion in revenue as of last month, compared to MVR 6.6 billion over the same period last year.

Tax revenue stood at MVR 5.6 billion, while non-tax revenue stood at MVR 817 million and grant aid stood at MVR 26.3 million.

Tax revenue collected mainly included MVR 467.9 million from import duties, MVR 1.9 billion as business profit tax (BPT), MVR 2.8 billion as goods and services tax (GST), MVR 191.7 million as green tax, and MVR 180.9 million as airport service charge and departure tax.