Ministry of Finance has revealed the expenses of the state decreased in January 2020.
The statistics of the finance ministry showed the expenses were at USD 96.7 million, while the state received USD 122.5 million. According to statistics, the amount received in January is a decrease compared to the USD 187 million received in January 2019. In January 2019, the expenses of the state were recorded at USD 380.7 million, while the amount was recorded at USD 356.9 million in January 2020. Since the state spent USD 356.93 million in January 2020 and the revenue amounted to USD 122.5 million, it is recorded as a surplus of USD 26.6 million.
The finance ministry recently released a circular asking all state institutions to reduce expenditure. In the circular, the finance ministry stated the negative effects brought on to the global economy by the COVID-19 in China are expected to have an impact on the Maldivian economy as well. As such, the ministry said the state is likely to generate a lower income than the estimated income indicated in State Budget 2020.