Government revenue has reached MVR 8.2 billion as per the weekly statistics released by the Ministry of Finance.
The revenue of MVR 8.2 billion is a major decline compared to MVR 15 billion received during the same period last year. One of the major sources of revenue is tax collections where MVR 6.7 billion was collected during this year while MVR 11 billion was collected last year in the same duration.
The total government expenditure has reached MVR 16 billion. Due to the major decline in revenue, the government has been acquiring loans to cover the expenditure. Loan payments in July 2020 reached MVR 82.1 million while the loan payments in July 2019 amounted to MVR 148.4 million. The total loan payments by July 2020 was MVR 625 million while loan payments totalled to MVR 676.2 million during the same period in the last year. Government debt increased by MVR 3 billion in 2019 while several loans as being taken in 2020.
A budget of MVR 37 billion was passed with an expected revenue of MVR 30 billion in 2020. However, current projections reflect an estimate of MVR 15 billion as government revenue in 2020.
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