State records increase in revenue so far this year

The Ministry of Finance has recorded an increase in state revenue so far this year compared to last year.

The Weekly Fiscal Development Report released by the finance ministry show that the state had received USD860 million in revenue as of May 16 this year, marking a 4% increase from the USD820 million received during the same period last year.

The statistics show that tax revenue constituted the largest portion of the state’s income during this period, amounting to USD707 million, up from USD630 million last year. Non-tax revenue also rose to Rs 2.1 billion. In addition, the state received more in free grants this year, with USD6 million as of May 16, compared to USD4 million last year.

The report also shows a significant decline in government expenditure during this period, with expenditures totaling USD966 million, down from USD1 billion in the same period last year.

The government is implementing measures to increase revenue and reduce expenditure, contributing to a rapidly growing economy. Officials have expressed optimism about the future economic outlook, citing the positive impact of these measures.