The Parliament of the Maldives has approved the MVR 64.2 billion State budget for 2026 without any reductions, following a final vote in which 74 MPs supported the motion and 12 voted against it. The budget was passed after the Budget Review Committee completed its evaluation and submitted its report to the parliamentary floor.

According to official figures, the 2026 budget totals MVR 64,202,565,720, with projected revenue and grants amounting to MVR 40.3 billion. Government expenditure is estimated at MVR 49.2 billion, comprising MVR 39.9 billion in recurrent spending and MVR 9.3 billion in capital expenditure. The fiscal plan forecasts an overall deficit of MVR 9 billion next year.

A significant portion of the budget will be directed towards debt repayment, with MVR 9.3 billion allocated for servicing sukuk and bond obligations. According to the Ministry of Finance and Planning, debt-related payments for 2026 are expected to reach approximately MVR 55 billion.

During the committee stage, the Budget Review Committee held consultations with the Ministry of Finance and Planning and various State authorities before adopting several amendments. These included a MVR 3.5 million increase to the Parliament Secretariat’s budget under the special budget allocation, and a decision to fast-track the development of a new Government office building to address office space shortages and reduce long-term rental costs.

The Ministry of Finance and Planning also provided assurances that independent institutions facing financial constraints in meeting their legal responsibilities would receive the necessary funds from the overall budget envelope.

Following debate in Parliament, the 2026 budget was passed with a clear majority, paving the way for next year’s public spending, PSIP project financing, and debt-servicing commitments.