The government has spent MVR 2.4 million to pay back loans in a bid to clear its debts.
In the Weekly Fiscal Development issued by the Finance Ministry, it said that by the 27th of this month the government has spent a total of MVR 2.4 billion on loan repayments.
This is the bulk of the estimated loan repayment value set for this year by the government as it had said before that an estimated MVR 2.8 billion would be spent on loan repayments this year.
By this time last year, the government had spent MVR 3.7 in loan repayments.
The report showed that the government's cumulative expenditure had reached MVR 26. 5 billion while the government's cumulative revenue and grants have now reached MVR 19.6 billion.
The government had spent MVR 22 billion this time last year.
While the government had spent MVR 19.5 billion on recurrent expenditures, it has spent MVR 6.9 on capital expenditures.
With all these expenditures, the government's budget deficit has now reached MVR 6.8 billion.
