Have A Look In To The Weekly Fiscal Developments Update

Today, Ministry of Finance published the weekly fiscal developments update for week 41 of the year 2022. The fiscal developments as of 13^th October 2022 depict that the cumulative expenditure has reached MVR 28,920M while the cumulative revenue and grants has risen to MVR 21,223.2M. The overall balance for this period is a deficit of MVR 7,696.8M.

A major component of the expenditure is made up of recurrent expenses which accounts for 73% of total expenditure. The remaining expenses are borne by capital expenditure which stands at 27%. In contrary to expenditure, tax revenue comprises a greater share of revenues at 72% while non-tax revenues only accounted for 28% of total revenue.

The cumulative expenditure for this period constituted of three main things. Namely recurrent expenditure, Administrative expenses and Operational expenses. As for cumulative revenue, tax revenue was received through different sources such as Import Duty, GST, TGST and BPT. Out of all this, the greatest contributions to tax revenue were made by GST, TGST and BPT.

Ministry of National Planning, Housing and Infrastructure, Ministry of Education and National Social Protection Agency received the highest approved budget by office for the year. Both former and the latter has utilized their budget to the maximum capacity and most other offices has also used up a greater proportion of their budgets as well. The Ministry of Environment, Climate Change & Technology has the lowest utilized budget by office.