State income and expenditure falls

Traffic on a road in Male' City. (Sun Photo/Fayaz Moosa)

Statistics by the Finance Ministry have shown that state income and expenditure has fallen.

The statistics by the Finance Ministry show that the state earned MVR 8.8 billion up until September 8. In total the state earned MVR 16.6 billion so far in 2020.

The biggest source of income was by taxes. The state earned MVR 7.1 billion from taxes.

Expenditure statistics show that the state had spent MVR 17.7 billion so far in 2020. State expenditure up until the same period last year stood at MVR 18.3 billion. Salaries and allowances cost the most, in terms of expenditure, totaling at MVR 6.5 billion. 

As for loans, the state had spent MVR 636 million while MVR 2 billion was spent on PSIP projects.