MVR 161 million spent on loan repayments

Maldives Inland Revenue Authority (MIRA) headquarters. (File Photo/Sun/Fayaz Moosa)

Maldives spent MVR 161.1 million on loan repayments during the first one-and-a-half month of this year.

The weekly fiscal report released by Finance Ministry show that the state’s expenditure as of February 11 stands at MVR 2 billion. It includes MVR 1.5 billion on recurrent expenditure and MVR 545.6 million on capital expenditure.

The state also spent MVR 197 million on Public Sector Investment Program (PSIP) projects during the period.

Meanwhile, the state’s income as of February 11 stands at MVR 2.2 billion. It includes MVR 1.9 billion in tax revenue and MVR 261 million in non-tax revenue.

Maldives has passed a state budget of MVR 34 billion for the current year. The projected income is MVR 21 billion.

While tax revenue had begun to decline starting Q2 of last year with the lockdown due to the COVID-19 pandemic, tax revenue began to improve starting December last year with an increase in tourist arrivals.