Government revenue rose by 6 percent to MVR 16.7 billion as of June 5, driven by ongoing efforts to reduce public spending and boost income, according to the Finance Ministry’s latest Weekly Fiscal Development Report.
The report shows tax revenue accounted for MVR 13.1 billion, representing 78.4 percent of total revenue. So far, 41.9 percent of this year’s estimated revenue and grants have been received.
On the expenditure side, total spending stood at MVR 15.6 billion, 22.1 percent lower than the same period last year. Recurrent expenditure dropped 4.4 percent, while capital expenditure saw a sharp 71.8 percent decline.
The figures reflect the government's tightened fiscal policy aimed at improving financial stability.
The report shows tax revenue accounted for MVR 13.1 billion, representing 78.4 percent of total revenue. So far, 41.9 percent of this year’s estimated revenue and grants have been received.
On the expenditure side, total spending stood at MVR 15.6 billion, 22.1 percent lower than the same period last year. Recurrent expenditure dropped 4.4 percent, while capital expenditure saw a sharp 71.8 percent decline.
The figures reflect the government's tightened fiscal policy aimed at improving financial stability.
