State Expenditure Rises Overall as Capital Expenditure Drops by MVR 1.5 Billion
Total state expenditure as of 21 March this year reached MVR 8.94 billion, a decrease of MVR 1.45 billion compared to the same period last year, according to the Ministry of Finance. The decrease was driven by a significant drop in capital expenditure, which fell to MVR 2.06 billion from MVR 3.64 billion. Spending on Public Sector Investment Programme (PSIP) projects also declined sharply, from MVR 2.88 billion to MVR 1.13 billion. However, recurrent expenditure increased from MVR 6.75 billion to MVR 6.88 billion. Revenue rose to MVR 7.88 billion from MVR 7.75 billion, attributed to an increase of about MVR 500 million in tax revenue.
Total state expenditure as of 21 March this year reached MVR 8.94 billion, a decrease of MVR 1.45 billion compared to the same period last year, according to the Ministry of Finance. The decrease was driven by a significant drop in capital expenditure, which fell to MVR 2.06 billion from MVR 3.64 billion. Spending on Public Sector Investment Programme (PSIP) projects also declined sharply, from MVR 2.88 billion to MVR 1.13 billion. However, recurrent expenditure increased from MVR 6.75 billion to MVR 6.88 billion. Revenue rose to MVR 7.88 billion from MVR 7.75 billion, attributed to an increase of about MVR 500 million in tax revenue.
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Total state expenditure as of 21 March this year reached MVR 8.94 billion, a decrease of MVR 1.45 billion compared to the same period last year, according to the Ministry of Finance. The decrease was driven by a significant drop in capital expenditure, which fell to MVR 2.06 billion from MVR 3.64 billion. Spending on Public Sector Investment Programme (PSIP) projects also declined sharply, from MVR 2.88 billion to MVR 1.13 billion. However, recurrent expenditure increased from MVR 6.75 billion to MVR 6.88 billion. Revenue rose to MVR 7.88 billion from MVR 7.75 billion, attributed to an increase of about MVR 500 million in tax revenue.
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