Govt resumes publishing financial statements after reconciliation

Finance ministry on Tuesday resumed publishing financial statements after resolving issues related to the recording of government expenditures for the previous year.

The publication of the weekly revenue and expenditure reports was suspended on June 20 due to ongoing reconciliation efforts.

In its latest release, the ministry disclosed that the reconciliation process has been completed, and revenue and expenditure statistics have been shared. However, the ministry noted that these figures for 2023 remain subject to change as the Auditor General’s Office is still verifying the details.

According to the newly released weekly update, the government’s total expenditure stood at MVR 37 billion, while revenue and grants amounted to MVR 28 billion. The update further detailed that MVR 2 billion was spent on loan repayments.

The report highlighted spending under the Public Sector Investment Programme (PSIP), which reached MVR 7.9 billion so far this year, compared to MVR 9.6 billion during the same period last year.

The ministry also reported that the largest expenditure came from the special budget, amounting to MVR 11 billion.

Spending on salaries and allowances totalled MVR 10 billion, an increase from the MVR 8.9 billion recorded during the same period last year.

The increase in salary expenditure this year is attributed to adjustments in the salaries of the military, police, and other professions following pay harmonisation initiatives.

The finance ministry stated that overall expenditures were relatively contained compared to last year, with an increase of MVR 700 million in total spending for the same period.

The ministry emphasised that the approved budget for the current year has not been exhausted, though a supplementary budget of MVR 5 billion has been approved to manage additional expenses anticipated.