The State has received the projected amount of grant aid for this year, according to the Ministry of Finance and public Enterprises.

Statistics published in the Ministry's Fiscal Development Report show that MVR 393.6 million had been received as grant aid as of 4 June, exceeding the annual estimate of MVR 373.6 million by 5.3 per cent.

The report also shows that total State revenue and grants stood at MVR 19.1 billion by 4 June, an increase of MVR 1.8 billion, or 10.1 per cent, compared with MVR 17.3 billion recorded during the same period last year.

Taxes continued to account for the largest share of Government revenue. Tax collections increased from MVR 13.2 billion during the same period last year to MVR 14.8 billion this year, representing a 12.4 per cent increase. Taxes accounted for 78 per cent of total State revenue.

The growth was driven largely by higher collections from Tourism Goods and Services Tax (TGST), which rose from MVR 5.6 billion to MVR 6.0 billion, an increase of 7.6 per cent. Revenue from General Goods and Services Tax (GST) also increased from MVR 2.2 billion to MVR 2.5 billion.