Govt grant revenue rises 154% in first 7 months
This represents an increase of MVR 264 million year-on-year.
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Government revenue from foreign grants and free aid increased by 154 per cent during the first seven months of the year, exceeding the full-year budget estimate, according to the latest fiscal data.
The Ministry of Finance's Weekly Fiscal Developments report shows that the state had received MVR 434.2 million in grants as of 2 July, compared with MVR 170.6 million during the same period last year.
This represents an increase of MVR 264 million year-on-year.
The state budget projected total grant revenue of MVR 374 million for the year. Grant receipts had already reached MVR 434.2 million by early July, exceeding the annual target by MVR 60.2 million.
Parliament approved a state budget of MVR 64.2 billion for the current financial year.
According to the report, total government expenditure stood at MVR 33.6 billion as of 2 July, while total revenue and grants amounted to MVR 22.4 billion.
The overall fiscal deficit stood at MVR 976 million.
