The government's revenue exceeded expenditure in the first three weeks of this year, driven by measures aimed at reducing state spending.
According to the Finance Ministry's weekly fiscal report released today, from January 1 to 23, the government earned MVR 1.3 billion while spending MVR 843 million, resulting in a revenue surplus of MVR 491.5 million.
Compared to the same period last year, government expenditure declined by 32 percent, amounting to MVR 846 million during this period.
The report highlighted that tax revenues formed the largest share, contributing MVR 1 billion, while non-tax revenues stood at MVR 275 million. Additionally, MVR 4.2 million was received as free aid.
To improve the nation's financial situation and manage debt, the government has implemented several fiscal measures. President Dr. Mohamed Muizzu has voluntarily forgone 50 percent of his salary, and significant salary reductions have been imposed on political appointees as part of cost-cutting efforts.
According to the Finance Ministry's weekly fiscal report released today, from January 1 to 23, the government earned MVR 1.3 billion while spending MVR 843 million, resulting in a revenue surplus of MVR 491.5 million.
Compared to the same period last year, government expenditure declined by 32 percent, amounting to MVR 846 million during this period.
The report highlighted that tax revenues formed the largest share, contributing MVR 1 billion, while non-tax revenues stood at MVR 275 million. Additionally, MVR 4.2 million was received as free aid.
To improve the nation's financial situation and manage debt, the government has implemented several fiscal measures. President Dr. Mohamed Muizzu has voluntarily forgone 50 percent of his salary, and significant salary reductions have been imposed on political appointees as part of cost-cutting efforts.
