Ministry of Finance has released details regarding the government's expenditure and revenue after addressing significant issues related to the management of public expenditure. The publication of the Weekly Fiscal Development report was suspended in June due to the identification of serious irregularities in public spending by the previous government.
The Weekly Fiscal Development Report provides details into government expenditure and revenue for the period from June to October. According to the report, total revenue and grants from January 1 to October 24 this year amounted to USD 1.8 billion, with the largest portion derived from taxes on tourism goods and services. During this period, recurrent and capital expenditure reached USD 2.5 billion.
Reports indicate an increase in salary expenditures, reflecting higher salaries for the Maldives National Defence Force, Maldives Police Service, and other sectors. However, overall spending has remained relatively contained compared to the same period last year, with total expenditure increasing by USD 45.6 million.
Furthermore, the approved budget for this year has not been fully utilized, prompting the proposal of a supplementary budget as expenditures are expected to exceed the initially approved amount. Minister Zameer disclosed that approximately USD 130 million was spent beyond the budget approved by Parliament during the previous administration.
Attorney General Ahmed Usham has stated that decisive action will be taken following the release of a report investigating serious issues related to the systematic recording of public expenditure over recent years. He emphasized that while the former government expended billions, these funds were not adequately accounted for within the Finance Ministry's system. He reiterated that the law prohibits the government from exceeding the approved budget, asserting that any expenditures recorded this year would be deemed illegal.