The expenditure of Maldives government has reached MVR25.7 billion in annual terms as of 12 December 2019.
According to the latest in Weekly Fiscal Development from Ministry of Finance, the total revenues and grants to state has hit MVR22.3 billion in annual terms.
Moreover, expenditure composition confirms 73% of the total spent on recurrent and remaining 27% on capital.
Furthermore, revenue composition reflects 69% of state income came through tax sources and remaining 31% from non-tax.
Thus, the with expenditure hovering above revenue the overall balance was a deficit for the week.
As such, the overall balance as of 12 December was at MVR3,304.5 million.
Meanwhile, net issuance for review week was a surplus MVR185.1 million, while government securities valued at MVR1.7 billion matured.
Moreover, MVR1.9 billion was issued during the review week.
As of 12 December, cumulative total of tax revenue reached MVR15.5 billion, with non-tax hitting MVR5.9 billion.
In addition to this, grants received to state has already reached MVR1,086.6 million.
Furthermore, cumulative total of recurrent expenditure has crossed MVR18.7 billion.
Meanwhile, the cumulative total of capital expenditure has hit MVR7.0 billion.
According to Ministry of Finance, government has settled MVR1,046.1 million in loan repayment as 12 December.
In addition to this, government has transferred MVR1.3 billion to Sovereign Development Fund (SDF).