Maldives state revenue reaches MVR 31.5 billion as expenditure rises to MVR 35.9 billion

The Maldives government received MVR 31.566 billion in revenue and grants by the end of last Thursday, while total state expenditure rose to MVR 35.984 billion, according to the Ministry of Finance and Public Enterprises' latest Weekly Fiscal Developments Report. The revenue figure is 3.0 percent higher than the MVR 30.635 billion received during the same period last year. The ministry attributed the increase mainly to growth in import duty revenue and General Goods and Services Tax (GGST) collected on the value of goods and services. Import duty revenue rose 18.3 percent to MVR 2.757 billion, up from MVR 2.331 billion in the same period last year. GGST revenue increased 7.7 percent to MVR 4.375 billion. Total tax revenue rose 7.4 percent to MVR 24.394 billion. Other revenue areas also increased. Tax on business and goods rose 21.3 percent to MVR 5.798 billion. Revenue from airport service charges and departure tax increased 9.2 percent to MVR 1.542 billion, while the Airport Development Fee brought in MVR 1.565 billion, up 9.1 percent. Revenue from goods increased 12.3 percent to MVR 1.954 billion, and grants rose 77.0 percent to MVR 515 million. On the expenditure side, total spending reached MVR 35.984 billion, an 18.3 percent increase from the same period last year. Recurrent expenditure was MVR 31.053 billion and capital expenditure was MVR 4.931 billion. Within recurrent expenditure, salaries and wages rose 14.1 percent to MVR 5.556 billion, while grants and subsidies increased 43.7 percent to MVR 10.366 billion. Subsidies alone rose 71.8 percent to MVR 4.265 billion, and allowances increased 23.6 percent to MVR 1.910 billion. Recurrent spending on administrative services rose 7.4 percent to MVR 1.982 billion. Debt repayment and interest expenditure fell 5.2 percent to MVR 3.801 billion. Capital expenditure on infrastructure development excluding land and buildings increased 8.6 percent to MVR 2.839 billion. Total spending on Public Sector Investment Programme (PSIP) projects rose 16.0 percent to MVR 4.312 billion. The Finance Ministry's report recorded an overall fiscal deficit of MVR 4.418 billion in the state's fiscal accounts up to the end of the period.