Ministry of Finance has revealed the Maldives received USD298 million in revenue and grants so far this year.
The Maldives has recorded USD252 million in tax revenue so far this year, which is higher compared to the USD200 million in tax revenue recorded in the same period last year. The report shows the highest amount was received from tax revenue in the form of goods and services tax, tourism goods and services tax, and business profit tax. The state also received USD53 million in non-tax revenue, which includes USD6.2 million from airport development fees, USD8.7 million from property income, which includes USD7 million from resort leases.
The expenditure for this year has reached USD52 million which is higher compared to the USD35 million recorded in the same period last year. The majority of the expenditure went to the projects conducted under the public sector investment programme (PSIP), which amounts to USD52 million, with a further USD9.6 million going to land reclamation and road construction projects, and USD8.4 million going to housing and infrastructure.
In a recent televised address, President Ibrahim Mohamed Solih said the Maldives suffered an economic loss of USD4.6 billion due to the COVID-19 pandemic but that the country will be among one of the fastest-growing national economies in the world this year.