Deficit of MVR422 mn reported in 2018 first half

The Maldives Finance Ministry reported a deficit of MVR422 million (US$27.34 million) in the first half of 2018.

Figures published last Wednesday show MVR11 billion was spent while MVR10.6 billion was earned by the state during that period.

Recurring expenses, including MVR2 billion for salaries and MVR1.7 billion for employee allowances, accounted for MVR8.2 billion of expenditure.

The majority of the MVR2.8 billion spent on capital expenses was allocated to the Public Sector Investment Programme. A total of MVR1.5 billion went on infrastructure including roads, bridges and airports.

Other expenditure included MVR234 million for a civil servant pay rise and MVR1.7 billion for loan repayments, subscription to multilateral agencies and transfer to sovereign development funds.

The report said MVR8.1 billion was raised from taxes, while MVR2.5 billion came from non-tax revenues such as airport service fees and resort rents.

The finance ministry projected MVR22.4 billion as income from revenue and grants for 2018, and MVR24.9 billion as expenditure according to the approved budget.