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Government revenue is classified under three main headings – tax revenue, non-tax revenue and grants.
It is estimated that the government would receive MVR 29.9 billion as revenue and grants in 2020, of which tax revenue constitutes the major item.
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Government expenditure is made up of two main components; recurrent expenditure (expenditure incurred for the day-to-day running of the government and providing public services) and capital expenditure (expenditure on infrastructure projects and capital items such as machinery).
The estimated budget for 2020 is MVR 37.9 billion, of which total expenditure is MVR 36.0 billion. Total expenditure is calculated by deducting loan repayments and contribution to international financial institutions from the total budget.
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The overall budget balance is the difference between total revenues and grants, and expenditures. There will be a budget deficit if the total expenditures are higher than the total revenues and grants. The primary budget balance is the overall balance after deducting loan servicing costs.
The estimated budget balance for 2020 is a deficit of MVR 6.0 billion. The primary balance for this period is a deficit of MVR 4.2 billion. This deficit is financed through various financial instruments and by borrowing.
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The 2020 budget includes a total of MVR 4,144.2 million for the provision and expansion of healthcare services. From this budget, MVR 3,588.8 million is allocated for hospital services while MVR 585.4 million is allocated for general health services.
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The 2020 Budget includes a total of MVR 7,954.7 million on economic affair. Most of the expenditure in this sector (MVR 4,114.0 million) is allocated to economic, social and labor affairs.
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The budget 2020 has allocated MVR 4,464.5 million for the education sector. MVR 1,149.6 million is allocated for tertiary education while the remaining MVR 3,314.9 million is allocated for education, not elsewhere classified.
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MVR 3,128.9 million is allocated for housing and community amenities in the 2020 budget. Among this, the majority of expenditure (MVR 2,909.3 million) are on housing and community development.
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Expenditures on this function aim to promote equality within the society. From the budget allocated for this sector, MVR 1,371.6 million is allocated for sickness and disability, MVR 1,320.0 million for old age, and MVR 1,299.1 million for other expenditure for social protection.
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The 2020 budget allocates a total of MVR 1,790.1 million on environmental protection. Expenditure on this function includes waste management, waste water management, pollution abatement protection of biodiversity and landscape, among others. The largest component, among this, is the waste water management for which MVR 1,053.1 million is allocated for in the 2020 budget.
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The 2020 budget allocates a total of MVR 1,499.4 million on defense related expenditures. The majority of this is spent on military defense with a total of MVR 1,333.0 million.
The 2020 budget allocates MVR 3,012.2 million for public order and safety. Most of the expenditure are on border control and public safety. This constitutes a total budget of MVR 1,809.7 million.
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The 2020 budget allocates MVR 3,240.0 million on the provision of general public services. A total of MVR 3,049.9 million is allocated for executive and legislative organs, financial and fiscal affairs, and external affairs, while MVR 190.1 million is allocated for general public services.
MVR 918.8 million is allocated for recreation, culture and religion in budget 2020. MVR 533.5 million is allocated towards recreation and sporting services while MVR 320.8 million is allocated to religious and other community services.
A total of MVR 3,727.4 million is allocated in the 2020 budget for debt services and amortization. Of this, MVR 1,883.7 million is allocated for public debt transactions and MVR 1,843.7 million is allocated for interest payment and debt servicing.
Republic of Maldives
Tel: 1617
Tel: +(960) 334 9200
Fax: +(960) 333 8034
E-mail: [email protected]