Govt. spending rises to MVR 10 billion

Maldives Monetary Authority (MMA) headquarters in Male' City. (Sun Photo/Fayaz Moosa)

The Maldivian government’s spending has risen to MVR 10 billion so far this year.

The monthly fiscal development report published by Finance Ministry shows the cumulative expenditure stood at MVR 10 billion as of March 16. The figure is MVR 3 billion higher than the same period last year.

The bulk of the spending was on recurrent expenditure. This includes MVR 6.2 billion on administrative expenditure, salaries, wages and pensions, and MVR 41 million on travel.

MVR 2.5 billion has been spent on Public Sector Investment Program (PSIP) projects.

Though spending on health and environmental protection has been lower this year, it has been higher in other areas.

As such, MVR 786.5 million has been spent on transport sector, which is nearly double the amount spent on the sector during the same period last year.

The biggest spending was on airport development. Though only MVR 22.3 million was spent on airport development last year, the figure stands at MVR 333.8 million so far this year.

The government has also spent MVR 3 billion on capital expenditure.

Meanwhile, the revenue generated so far this year stands at MVR 7.1 billion. MVR 5.7 billion of the revenue is from taxes.