State revenue rises to MVR 11b; expenditure drops

Finance Ministry headquarters in Male' City. (Sun Photo/Fayaz Moosa)

State revenue has risen to MVR 11 billion, while expenses have dropped.

According to the latest weekly fiscal update released by the Finance Ministry, total expenditure as of April 25 stands at MVR 12.6 billion.

This is a decrease from the MVR 14.9 billion in expenditure recorded during the same period last year.

The total expenditure includes MVR 9.7 billion in recurrent expenses and MVR 2.8 billion in capital expenses.

Meanwhile, the total revenue last year, between January 1 and April 25, was recorded at MVR 10.7 billion.

This year, the figure stands at MVR 11.1 billion, marking a 3.7 percent increase.

This includes MVR 9.2 billion in tax revenue, MVR 1.8 billion in non-tax revenue, and another MVR 51.6 million in grants.

The biggest sources of revenue included MVR 5.1 billion in GST, MVR 2.6 billion in Business Profit Tax, MVR 700 million in import duty, and MVR 374.8 million in Green Tax.

Maldives parliament has passed a MVR 49.9 billion budget for this year.

According to the World Bank, the Maldives economy is expected to grow by 4.7 percent in 2024, lower than previous estimates, reflecting a moderation in growth momentum.

In its latest report, the global financial institute warned the country of the risks of rising public debt, stressing the urgent need for a comprehensive fiscal adjustment program.