The Ministry of Finance has revealed that the state has received an increase of USD300 million in revenue so far this year compared to the same period last year.
According to the Weekly Fiscal Developments Report published by the finance ministry, the Maldives received USD1.7 billion in revenue from January 1 to October 12 this year. It is a significant increase of USD300 million compared to the USD1.4 billion received during the same period last year.
The report highlights that a significant portion of the state revenue as of October 12 is attributed to tax revenue, totaling USD1.2 billion, which is an increase compared to the USD1 billion received last year. In addition, non-tax revenue amounted to USD435 million, surpassing the USD390 million received in the same period last year. The state also received USD32 million in grants, which is a decrease compared to the USD48 million received last year.
Meanwhile, the total expenditure for the year has reached USD2.3 billion as of October 12, compared to the USD2 billion received last year. A total of USD 1.5 billion has been allocated for salaries and other expenses, while capital expenditure stands at USD713 million this year.