Recurrent expenditure rises by MVR 2 billion compared to 2020

Finance Minister Ibrahim Ameer during a press conference on February 19, 2020. (File Photo/Sun/Fayaz Moosa)

The latest weekly fiscal developments released by Finance Ministry show a MVR 2 billion increase in recurrent expenditure this year compared to the same period last year.

According to the information released by the Finance Ministry, total expenditure as of August 26 this year stands at MVR 18.1 billion. 78 percent was spent on recurrent expenditure, while 22 percent was spent on capital expenditure.

The 78 percent in recurrent expenditure amounts to MVR 14 billion. The figure marks a MVR 2 billion increase compared to the MVR 12 billion recorded in the same period last year.

MVR 6.4 billion of the recurrent expenditure was on salaries, wages and pensions.

MVR 7.5 billion was spent on administrative and operational expenses.

Meanwhile, total revenue and grants during the period stands at 11.2 billion. 74 percent of the total revenue was composed of tax revenue, while 26 percent was composed of non-tax revenue.

This has resulted in a deficit of MVR 6.8 billion.