According to the latest statistics from the Ministry of Finance, state revenue reached MVR 10.6 billion by March 26th this year, marking a 10.2% increase compared to the same period last year. Tax revenue accounted for the majority of this income, totaling MVR 8.6 billion. The most significant growth was observed in Tourism Goods and Services Tax (TGST), alongside a notable increase in revenue from resort land rents.
Despite the growth in revenue, overall state expenditure saw a decline of 8.6%. Out of the MVR 8.4 billion spent so far, the largest portion was allocated to employee salaries and pensions. Additionally, spending on development projects, such as land reclamation and construction, significantly surpassed last year’s figures. To ensure long-term fiscal stability, funds have also been deposited into the Sovereign Development Fund. It is anticipated that the government’s ongoing cost-cutting measures will further strengthen the country’s financial position in the future.
