Ministry of Finance has revealed that the Maldives has received more than USD1.2 billion in revenue, while expenditure stood at USD1.6 billion by the end of July 2023.
According to the Weekly Fiscal Developments report published by the finance ministry, the Maldives received over USD1.2 billion as of July 27 this year, which is a significant increase compared to the USD1 billion received in revenue in the same period last year. The report showed that a large part of the state revenue was received from tax revenue amounting to USD920 million, non-tax revenue amounting to USD285 million, and grants amounting to USD16 million.
Meanwhile, the expenditure for the year has reached USD1.6 billion as of July 27, which is a significant increase compared to the USD1.3 billion reached during the same period last year. Around USD1 billion of the expenditure went to recurrent expenditures. Recurrent expenditures included salaries, wages, and pensions amounting to USD434 million and administrative and operational expenses amounting to USD693 million. In addition, capital expenditure of USD512 million was largely received from development projects.