The Ministry of Finance has reported that state revenue surpassed state expenditure by USD38 million in January 2024.
The latest Weekly Fiscal Development Report released by the finance ministry show that the Maldives received a total of USD227 million in revenues and grants in January. Meanwhile, total expenditure amounted to USD188 million during the same period. Despite the surplus, this year's revenue intake was lower compared to the period last year, when the country received USD270 million.
The report shows that USD208 million was generated from tax revenue, USD21 million from non-tax revenues, and an additional USD162,000 in grants. Tax revenue primarily comprised import duties, Business and Property Tax (BPT), and Goods and Services Tax (GST).
Meanwhile, expenditure for January this year was USD188 million, significantly lower than the USD318 million recorded in the previous year. The reduction reflects a substantial decrease in government spending. Of the total expenditure, USD162 million was allocated for recurrent expenditure, covering USD71 million for salaries and wages, and USD91 million for administrative and operational expenses. In addition, USD29 million was designated for capital expenditure, primarily focusing on structural development projects.