The total budget surplus, which has been held above MVR 1 billion for most of this year, has dropped to less than MVR 200 million, according to state financial figures.
The financial figures till October 16 were released yesterday after more than a month without disclosing the state's revenue and expenditure.
It shows that the government received MVR 30.7 billion in revenue while MVR 30.5 billion was recorded as the expenditure.
With these expenditures, the budget surplus has dropped to MVR 187 million.
The budget surplus was maintained for most of this year, an increase due to the lack of spending on development projects.
The government has entrusted many projects to state-owned companies, while refusing to implement cost-cutting measures as planned.
The airports and land reclamation that cost the largest percentage of the PSIP budget are being handed over to Maldives Airports Company Limited (MACL) without any direct expenditure from the state budget. The company is responsible for all the costs of the project.
Adhadhu understands that the national bank, Bank of Maldives (BML), is providing funds for projects awarded to other companies by the government.
Of the MVR 30.5 billion spent so far, 87 percent is recurrent expenditure. Capital expenditure accounted for only 13 percent of the budget.
