According to the latest fiscal report from the Ministry of Finance, the nation’s financial position has strengthened, recording a surplus of MVR 1.9 billion as of February 26th this year. During this period, total revenue reached MVR 7.8 billion, marking a significant growth of 29.3% compared to the previous year. Tax revenue continues to be the primary contributor to the state income, with substantial increases observed particularly in Tourism Goods and Services Tax (TGST) and General Goods and Services Tax (GST) collections.
Regarding expenditures, while overall spending has remained relatively stable, costs associated with employee salaries and benefits rose by 9.6% following the implementation of the pay harmonization policy. Furthermore, there has been a notable increase in allocations to the Sovereign Development Fund (SDF), with the state receiving a total of $222.8 million in foreign currency revenue.
