State’s earnings, loan repayment, debt management- A breakdown till October 2022

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The Government’s expenditure for this year has reached MVR 30 billion. For the same period last year, the government’s expenditure was recorded at MVR 27.9 billion.

Finance Minister Ameer has stated that the economic situation in Maldives is improving and that there were no concerns of debts not getting paid on time. He also stated that the state’s revenue is improving, assuring that the Maldivian economy has improved since Covid-19.

The Minister briefed the media on the economic situation in the Maldives and provided statistics on recent economic developments, state revenue, and medium and long-term plans of the administration.

Loan Repayments:

Statistics show that the government has spent MVR 2.5 billion for loan repayment so far. MVR 627.9 million were transferred to the Sovereign Development Fund.

Out of the MVR 30 billion, the state has spent MVR 20.9 billion as recurrent expenditure:

  • MVR 8.2 billion spent on salaries, wages and pension of staff
  • MVR 12.7 billion spent on administrative and operational expenses
  • MVR 3.3 billion on Allowances to Employees
  • MVR 1.3 billion on Pensions, Retirement Benefits and Gratuities
  • MVR 6.4 billion as Grants, Contributions and Subsidies
  • MVR 1.3 billion was spent under ‘Aasandha’
  • MVR 1.2 billion as Council Grants
  • MVR 7.4 billion as capital expenditure. For the same period last year, the government’s capital expenditure was MVR 6.4 billion
  • MVR 323.8 million was spent on capital equipment and MVR 5.2 billion was spent on infrastructure assets
  • MVR 1.3 billion was spent on development projects

State revenue reaches MVR 22 billion:

As of 6th Oct 2022, the statistics showed by the ministry revealed that the state had earned MVR 22 billion. This was 7 billion more than last year, the state revenue was at MVR 15.9 billion.

Finance Minister also shared his administration’s plans to stop depending on foreign aids and becoming more self sufficient in the coming year to manage the outflow of debt and loan repayments. He assured that the government’s plans to lower the debt in relation to GDP are being achieved.