MVR 161.1 Million Spent On Loan Repayments So Far This Year By The State

On Yesterday, the Ministry of Finance published Weekly Fiscal Developments detailing the financial activities of the government as of 11^th February.

Accordingly, the report indicates the state’s income during this period as MVR 2.2 billion – meaning MVR 1.9 billion as revenue from taxation and the remaining MVR 261 million as non-tax revenue. On the other hand, the state’s expenditure stands at MVR 2 billion which is specified as MVR 1.5 billion on recurrent expenditure and MVR 545.6 million on capital expenditure.

Whilst the state has spent a whopping amount of MVR 161.1 million on loan repayments during this short amount of time, they had also spent MVR 197 million on projects under the Public Sector Investment Program (PSIP). Most importantly, the state has spent MVR 1.48 billion on the health sector and MVR 1.53 billion on the economy in relation to the 

For this year, the Parliament of Maldives passed a state budget of MVR 34 billion whereas the anticipated income is set to MVR 21 billion.

Due the impacts of the pandemic, the state’s main income source – tax revenue – had declined significantly since the last year. Nevertheless, with an increase in tourist arrivals, the economy which is heavily reliant on the industry for income, is heading towards stability.