Maldives presents MVR 64 billion budget for 2026

The government has proposed a total budget of MVR 64 billion for 2026. The budget was presented to Parliament on Wednesday by Finance Minister Moosa Zameer.

According to the figures announced, the government estimates total revenue, including grants, at MVR 40.4 billion. This includes MVR 31.3 billion from taxes, MVR 8.7 billion from other income sources, and MVR 373.6 million in foreign aid.

Expenditure for 2026 is projected at MVR 49.2 billion, leaving a deficit of MVR 8.8 billion to be financed.

Recurrent expenditure accounts for 62 percent of total spending, amounting to MVR 39.9 billion.

Zameer said MVR 9.3 billion has been allocated for the repayment of sukuk and bonds, including a USD 500 million sukuk issued in 2021 and a USD 100 million bond issued earlier.

“Excluding the cost of repaying the sukuk and bonds inherited by this government, this is a smaller budget than the current 2025 budget,” Zameer told Parliament.

The Finance Minister outlined several fiscal objectives under the 2026 budget:

Zameer said the economy is projected to grow by 5.3 percent in 2026, with average annual growth expected at 4.9 percent between 2026 and 2028.