The government's latest budget report shows a significant improvement in public finances, with spending cuts and increased revenue pushing total receipts to MVR 18.58 billion, according to the Finance Ministry's Weekly Fiscal Development Report.

The report highlights that most of the income came from tax revenues, including MVR 8.31 billion from GST collections alone. Grants also contributed to the total revenue.

Government expenditure during the same period fell to MVR 17.95 billion—down from MVR 21.83 billion last year—reflecting savings of nearly MVR 3 billion. Officials attributed the reduced spending to strict cost-cutting measures.

Among the sectors receiving the highest allocations, the Education Ministry led with MVR 1.83 billion, followed by the National Social Protection Agency with MVR 1.54 billion.

Parliament had earlier approved a total budget of MVR 56.6 billion for the current fiscal year.