Finance Ministry statistics show that the state's budget deficit has now reached MVR 1.7 billion.
It said that this amount is based on the economic activity recorded till the 25th of March 2021.
Finance Ministry statistics show that to that date, the state had generated a total revenue of MVR 4.1 billion rufiyaa. This includes MVR 3.3 billion generated from tax.
While the state had received MVR 741 million as other sources of income, it had received MVR 9.2 million as free aid and MVR 2.6 million as capital receipt.
The revenue includes MVR 0.7 million as deferred loan payments and hence was not counted as income to the state.
The state has spent MVR 2.2 billion this year on pensions, salaries, and allowances. It had also spent MVR 1.9 billion on administrative expenditures and has given MVR 187 million as damages.
The Ministry statistics showed that the government had spent MVR 1.3 billion on developmental projects, renovations, and acquisitions while it had spend MVR 47 million to pay back state loans.
While the state had received MVR 4.1 billion, it had spent over MVR 5.9 billion on expenditures hence mounting up a budget deficit of MVR 1.7 billion.
