State budget grants drop 12% this year

Maldives has seen a decrease of MVR 83 million in grants received this year compared to the same period last year, according to the latest government revenue and expenditure figures released by the Ministry of Finance.

As of November 28, the Maldives received MVR 581 million in grants, down from MVR 664 million during the same period last year. This marks a 12% decline in grants received.

When the 2024 budget was passed, the government had estimated MVR 1.3 billion in grants for the year. With one month remaining until the year’s end, the country has achieved 45% of that target. It is likely that two-thirds of the projected grant amount will not be received.

Over the past seven years, the Maldives has received an annual average of MVR 369 million in grants. The highest amount recorded during this period was in 2022, when grants totalled MVR 603 million.

Despite this trend, the proposed budget for 2025 includes an estimate of MVR 2.59 billion in grants, which is 77.1% higher than the estimated figure for 2024. This includes MVR 1.85 billion in general grants and MVR 736 million allocated for specific projects. The increase reflects the government’s expectations of enhanced support from international donors and partner nations.

For 2024, the budget summary as of November 28 shows:

The approved budget for 2024 stands at MVR 49.9 billion.