The Government has recorded a budget surplus of MVR 534.6 million so far this year, compared to a deficit of MVR 5.29 billion during the same period last year.

According to the Ministry of Finance and Planning’s latest Weekly Fiscal Development Report, the primary balance, which includes financing and interest costs, reached MVR 3.33 billion. This is a sharp turnaround from the primary deficit of MVR 2.33 billion reported in the corresponding period last year.

Total revenue stood at MVR 25.31 billion. Of this, MVR 19.71 billion came from tax revenues, while non-tax revenues accounted for MVR 5.39 billion. The main contributors to tax revenue were Tourism Goods and Services Tax (TGST), General Goods and Services Tax (GST), and Corporate Income Tax. On the non-tax side, the highest inflows were from resort rent, airport development fees, and registration and licence fees.

While revenues reached MVR 25.31 billion, total expenditure stood at MVR 24.77 billion, including MVR 21.65 billion in recurrent costs and MVR 3.12 billion in capital spending. The largest recurrent expenses were salaries and wages, employee allowances, and basic pensions.

Meanwhile, the Government’s contribution to the Sovereign Development Fund (SDF) rose to MVR 1.34 billion, up 46.7 percent from MVR 916.3 million during the same period last year. The Fund was created to support future debt repayments, which the Government has stressed as a priority for the current fiscal year.