Maldivian government’s expenditure on grants and subsidies has declined by 9.8 percent compared to the same period last year, according to the latest fiscal data released by the Ministry of Finance.

As per the ministry’s weekly fiscal report, total budgetary expenditure stood at MVR 1.4 billion as of March 10, marking a 19.5 percent decrease from the previous year. This decline is part of a broader reduction in state spending, with MVR 18.8 billion allocated in the budget up to the end of March, also down 19.5 percent year-on-year.

Subsidy spending saw a notable drop, with MVR 1.5 billion spent as of last week, compared to MVR 2.1 billion during the same period last year.

The Parliament has approved a total budget of MVR 67 billion for the current fiscal year.