Ministry of Finance has revealed the state has received USD781 million in cumulative revenue and grants so far this year.
The latest weekly fiscal developments report published by the finance ministry shows that the revenue received as of June 16 this year is a 29% increase compared to the USD619 million received in the same period last year. A large part of this year’s state revenue was received from tax revenue amounting to USD560 million or 70%, with non-tax revenue amounting to USD234 million or 30%. The report shows that the state received tax revenue mostly in the form of import duties amounting to USD84 million, Business and Property Tax amounting to USD91 million and Goods and Services Tax amounting to USD325 million.
Meanwhile, the expenditure for this year has reached USD977 million which is 22% higher compared to the same period last year. The majority of the expenditure went to recurrent expenditures such as administrative and operational expenses as well as paying salaries, wages and pensions. As such, the state spent USD476 million on administrative and operational expenses and USD293 million on paying salaries, wages and pensions.
Additionally, the state spent USD39 million on subsidies and USD59 million on fuel subsidies, which is an increase of USD53 million compared to the USD6 million spent on fuel subsidies in the same period last year. Around USD260 million was also spent on capital expenditure.
The government has been taking measures to respond to the rise in oil and commodity prices in the global market due to the Russia-Ukraine conflict. The government has stated the country’s economy is expected to return to pre-pandemic levels later this year.