Maldives revenue hikes as expenditure declines in early 2024
Government expenditure also declined during this period, with a MVR 1.3 billion reduction compared to the previous year.
Government revenue for the first two months of 2024 showed an increase compared to the same period last year, according to the latest figures released by the Ministry of Finance. As of 13 March, the government had received MVR 7.9 billion in revenue.
Key revenue figures include:
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MVR 7.9 billion total revenue, reflecting a 5% increase from MVR 7.5 billion in the same period last year
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MVR 118 million increase in tax revenue
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MVR 282 million increase in non-tax revenue
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MVR 15.2 million increase in grants and free aid
Government expenditure also declined during this period, with a MVR 1.3 billion reduction compared to the previous year. The main expenditure reductions include:
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Recurrent expenditure decreased from MVR 6.3 billion to MVR 6.1 billion
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Capital expenditure dropped from MVR 1.6 billion to MVR 429 million
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Public Sector Investment Programme (PSIP) expenditure declined from MVR 1.6 billion to MVR 577 million
With expenditure lower than revenue, the budget was in surplus as of 13 March, amounting to MVR 2.5 billion.
However, some costs have increased. Salaries, allowances, and pension-related expenditures have risen:
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Salary expenses increased from MVR 1.9 billion to MVR 2.1 billion
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Pension-related expenses increased from MVR 402 million to MVR 534 million
The total approved budget for 2024 stands at MVR 39.8 billion.
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