President Dr Mohamed Muizzu has reaffirmed his Administration’s commitment to steering the Maldives out of debt, announcing that the nation’s official gross reserves have surpassed USD 1.13 billion, the highest in the country’s history.

Delivering his Presidential Address 2026 at the opening sitting of the 20th People’s Majlis, the President highlighted the Government’s fiscal achievements and ongoing reforms. He noted that State revenue and grants in 2025 rose by 12 per cent compared to 2024, with expectations to reach MVR 40.4 billion this year.

The President detailed measures taken to restructure debt, ease loan repayments, and strengthen investor confidence. He highlighted that foreign exchange earnings reached USD 1.2 billion in 2025, boosting deposits into the Sovereign Development Fund (SDF) and contributing to the rise in reserves. Additionally, USD 492 million was deposited with the Maldives Monetary Authority (MMA) last year following the implementation of the Foreign Currency Act.

Highlighting fiscal discipline, President Dr Muizzu noted that the 2025 budget was passed without a supplementary budget, which was a first in five years. He added that the budget deficit, previously averaging over 9 per cent of GDP, was reduced to 5 per cent in 2025, with the first 40 weeks of the year recording a surplus.

Looking ahead, the President confirmed that USD 100 million in non-tax revenue will be accumulated within the next 45 days. He stressed that the Maldives’ progress toward becoming an economically developed nation will also enhance regional security and stability.

The President concluded by underscoring that the Government inherited a fragile economy but has since implemented decisive measures to restore financial stability, strengthen reserves, and lay the groundwork for sustainable growth.