Maldives records MVR 1.2 billion budget surplus
During the same period last year, the government had recorded a budget deficit of around MVR 1 billion.
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The government’s total revenue and grants stood at MVR 8.8 billion as of 20 March, resulting in a budget surplus, according to the Ministry of Finance’s Weekly Fiscal Development Report released Sunday.
This marks an increase from the same period last year, when revenue and grants totalled MVR 7.9 billion. The rise in revenue was primarily attributed to goods and services tax collected from the tourism sector.
Government expenditure for the same period reached MVR 7.6 billion, a decrease compared to MVR 8.9 billion spent during the corresponding period in 2024. The most significant increase in expenditure this year was recorded under subsidies.
The budget balance for the period was a surplus of approximately MVR 1.2 billion. During the same period last year, the government had recorded a budget deficit of around MVR 1 billion.
The ministries and agencies with the highest levels of expenditure as of 20 March were:
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Ministry of Construction, Housing and Infrastructure: MVR 441.8 million
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Ministry of Education: MVR 668.6 million
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National Social Protection Agency: MVR 883.8 million
In terms of revenue composition, 79 percent was derived from taxes, with tax revenue amounting to MVR 6.9 billion, compared to MVR 6.6 billion in the same period last year. Non-tax revenue accounted for 20 percent of total revenue, amounting to MVR 1.8 billion this year, up from MVR 1.3 billion in 2024.
The government also received MVR 47.1 million in grants so far this year, compared to MVR 32.3 million received during the same period last year.
