Revenue rises to MVR 10.6bn as surplus reaches MVR 2.2bn

State revenue and grants reached MVR 10.6 billion as of 26 March 2026, marking a 10.2% increase compared to MVR 9.6 billion recorded during the same period last year, according to the Weekly Fiscal Developments report released by the Ministry of Finance and Development Planning.

The state budget recorded a surplus of MVR 2.2 billion during the period.

Tax revenue accounted for MVR 8.6 billion, representing 81% of total revenue. The report states that the largest increase in revenue over the past week was recorded in Tourism Goods and Services Tax (TGST).

TGST collections increased by 23.9% to MVR 3.3 billion, compared to MVR 2.7 billion in the corresponding period last year. Revenue from Non-Resident Withholding Tax rose by 59.0%, from MVR 324.8 million to MVR 516.4 million.

Resort land rent increased by 14.7% to MVR 332.5 million.

Total revenue collected in foreign currency exceeded USD 300 million during the period.

Total expenditure stood at MVR 8.4 billion as of 26 March 2026. Spending on salaries, allowances and pensions amounted to MVR 3.2 billion.

Subsidy expenditure increased by 8.8% to MVR 891.2 million. Total spending on grants and subsidies reached MVR 2.6 billion.

Capital expenditure on land reclamation and construction rose by 137.5% to MVR 442.7 million compared to the same period last year.

The report states that MVR 520.6 million in US dollar equivalent has been deposited into the Sovereign Development Fund, including MVR 95.5 million deposited during the past week.

The ministry stated that the fiscal position is expected to remain stable with continued revenue inflows and expenditure management.