Government expenditure exceeds revenue by MVR 300 m

Maldives Monetary Authority (MMA) has announced in its Monthly Economic Review for June 2015, that government expenditure as at the end of May 2015, was MVR 300 million more than its revenue.

In the report published on 30 June 2015, MMA said that total revenue at the end of May 2015 stood at MVR 1.2 billion, while total expenditure stood at MVR 1.5 billion.

Total revenue declined by MVR 19.2 million compared to the corresponding period in 2014, mainly due to declines in both tax and non-tax revenue which fell by MVR 9.5 million and MVR 1.7 million respectively, MMA said.

Total expenditure, meanwhile, rose by MVR 104.9 million compared to May 2014, largely due to an increase in recurrent expenditure.