Govt makes surplus of MVR 898.3M after expenditures

Male' business port. (Photo/Maldives Customs)

Statistics of Finance Ministry shows that the government has a surplus of MVR 898.3 million of income after expenditures up to the last week of this year.

In the weekly statistic report published by the Finance Ministry on State income and expenditure, the Ministry stated that the State generated an income of MVR 7.08 billion up to the 18th of April 2019, and spent MVR 6.18 billion over the same period - making for a surplus of MVR 898.3 million.

State expenditures are usually more than the income received.

Income statistics shows that the highest percentage of income, MVR 5.23 billion was received from taxes. Other income amounts to MVR 1.48 billion.

Government received MVR 391.5 million as grants and spent MVR 26.3 million on loans.

MVR 632.8 million was spent on infrastructure projects under Public Sector Investment Programs (PSIP) and MVR 446.1 million was spent on investments.

MVR 390.3 million was deposited to the Sovereign Development Fund according to the statistics report. The money deposited to this fund are income received through fees of Airport Development. The total amount of money in the fund is now MVR 1 billion.

The highest amount of spending was done by a special budget under the Finance Ministry, which amounts MVR 2.06 billion.

Second highest spending was done by Ministry of Education with MVR 734 million. NSPA spent MVR 315.7 million.

Government had to pay MVR 583.9 million to the bonds sold as they matured and expired last week.

Parliament approved a budget of MVR 30.25 billion for the year 2019. The budget is a deficit budget of MVR 4 billion with a projected income of MVR 23.34 billion.