Ministry of Finance has revealed the Maldives received USD 814 million in revenue and grants as of September 16.
The weekly fiscal development report published by the ministry shows the amount is lower than the USD 1 billion received in revenue and grants in the same period in 2020. The Maldives has recorded USD 594 million in tax revenue so far this year, which is also lower compared to the USD 712 million in tax revenue recorded in 2020.
Furthermore, the state received 73% of its revenue from taxes and 27% from non-tax revenues in 2021. The report also shows the Maldives has spent USD 1.3 billion so far this year, 76% of which was for recurrent expenditures and 24% was for capital expenditures. The expenditure so far this year is a slight decrease compared to the same period in 2020, during which the country recorded USD 1.9 billion in expenditure. Most of the expenditure went to administrative and operational expenses as well as salaries, wages, and pensions.
The state budget utilisation shows the Ministry of Education received USD 120 million, According to the weekly fiscal development report. The finance ministry stated the overall balance for the period is a deficit of USD 500 million, as expenditure incurred was greater than revenue received during the period. The ministry also stated net issuance for the week of September 12 and 16 was a surplus of USD 15 million.