Maldives Monetary Authority (MMA) has revealed that state expenses have declined and state income has increased this year compared to last year. The total state income without the grant aids received, stands at about USD 84.4 million, which is an incline of about USD 5.2 million, compared to last year, as per the latest statistics released by MMA.
MMA revealed that the surge in the state income is due to the increase in income received by tax and non-tax income, while tax income is majorly contributed by business profit tax such as that of airport developmental fee.
This year the total expenditure of the state till October stands at about USD 97.3 million, which is a decline of about USD 52.6 million compared to that of last year. The expenditure has declined due to the reduction in the expenses of state budget on the state capital expenses and recurrent expenses.
While state capital expenses declined due to the reduction of expenses on the investment programmes and the recurrent expenses have reduced due to the decline in the cost of loan scheme services.