Maldives Proposes Historic MVR 64.2 Billion Budget for 2026

The Maldivian government has submitted a proposed state budget of MVR 64.2 billion to Parliament for 2026, representing the highest annual budget in the country’s history. Finance Minister Moosa Zam...

Mohamed Hilmy

31 October 2025, 00:00

The Maldivian government has submitted a proposed state budget of MVR 64.2 billion to Parliament for 2026, representing the highest annual budget in the country’s history.

Finance Minister Moosa Zameer said revenue is projected at MVR 40.2 billion, including tax revenue of MVR 31.3 billion, non-tax revenue of MVR 8.7 billion, and grants of MVR 373.6 million.

Recurrent expenditure has been set at MVR 39.9 billion, equivalent to 62 percent of the total budget, marking a 3.3 percent increase from this year. Capital expenditure is listed at MVR 9.3 billion.

The budget also reflects substantial debt obligations: in April 2026 a USD 500 million (MVR 7.7 billion) sukuk will mature, and a USD 100 million (MVR 1.5 billion) bond issued in 2022 will also be due. This helps explain the scale of the budget.

Next year’s budget deficit is projected at MVR 9.4 billion, the smallest deficit in recent years. The plan places highest priority on the health sector.

The Minister highlighted that the operation of the new terminal at Velana International Airport (VIA) and upgrades to regional airports should boost tourism and airport development fees, with an expected MVR 2.3 billion from airport fees in 2026.

Maldives Proposes Historic MVR 64.2 Billion Budget for 2026

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