According to the latest Weekly Fiscal Development Report from the Finance Ministry, the government has cut down on its spending for the current year compared to last year. As of January, the total expenditure is MVR 1.8 billion, showing a 21.6% decrease from the MVR 2.3 billion spent during the same period in the previous year.
Breaking down the budget, both recurrent and capital expenditures combined to MVR 1.4 billion, with loan repayment at MVR 373.6 million. This allocation reflects the government’s strategic resource distribution across various sectors.
Looking at development projects, the Public Sector Investment Program (PSIP) has spent MVR 223 million this year. The PSIP is crucial for the government’s development agenda, focusing on improving public services and infrastructure.
Despite the decrease in spending, the report reveals an increase in government revenue. The total revenue for the period reached MVR 1.8 billion, up from MVR 1.7 billion in the same period last year.
The Finance Ministry’s report offers valuable insights into the government’s financial operations and economic strategy. The data suggests a careful balance between managing expenses and boosting revenue, crucial for ensuring sustainable economic growth and stability.
