Finance Ministry Data Reveals Rise in Gov’t Wage Pay

Finance Ministry statistics show slight increase in government salaries, wages, and pensions, rising from MVR 4,858.0 million in May 2023 to MVR 5,472.5 million in May 2024.

In contrast, recurrent expenditure experienced a more modest increase, climbing from MVR 13,106.6 million to MVR 13,779.9 million over the same period. Similarly, administrative and operational expenses saw a slight uptick, from MVR 8,016.9 million to MVR 8,194.0 million.

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However, amidst these increases, the statistics also reveal a notable reduction in losses and write-offs, plummeting from MVR 231.7 million in May 2023 to MVR 113.3 million in May 2024.

On the revenue front, tax revenues witnessed a considerable surge, rising from MVR 10,840.2 million to MVR 12,056.9 million, indicating a notable boost in government income from taxes. Conversely, non-tax revenues experienced a decline, decreasing from MVR 3,254.5 million to MVR 2,640.9 million. 

Additionally, grants substantially increased, climbing from MVR 59.0 million to MVR 155.5 million between May 2023 and May 2024.

These statistics provide a comprehensive overview of the government’s financial landscape, showcasing both areas of growth and areas that warrant attention in the coming fiscal year.