Budget deficit rises by MVR 1.5b to MVR 6b
The government borrowed 50 million euros (MVR 842.8 million) from a foreign private creditor as budgetary support.
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Seven months into the year, budget deficit has risen by MVR 1.5 billion to MVR 6 billion compared to the same period last year.
According to the expenditure and revenue reports released by the finance ministry, the government has spent MVR 28.5 billion by August 10.
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MVR 12.9 million spent per day
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MVR 3.8 billion more than the same period last year
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MVR 24.8 billion has been spent so far last year
However, the government received only MVR 21 billion in revenue and grants, which is an increase of MVR 2.9 billion over the previous year.
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The budget deficit stands at MVR 5.10 billion
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This is an increase of 33.7% or MVR 1.5 billion
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Budget deficit for the year is estimated at MVR 8.6 billion
Last month, the government borrowed 50 million euros (MVR 842.8 million) from a foreign private creditor as budgetary support to meet the budget deficit.
According to the budget estimates, the government plans to plug the budget deficit via:
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Foreign loans – MVR 4.1 billion
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Green/Blue Bonds - MVR 771 million
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Loans from foreign countries - MVR 1.5 billion
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Domestic loans and bonds – MVR 4.7 billion
