Minister of Finance and Planning  Moosa Zameer has revealed that the Maldives held USD 860 million in its official reserve as of the end of September. Of this amount, around USD 200 million is classified as net or usable reserve.

Presenting the proposed 2026 State budget worth MVR 64.2 billion to the People’s Majlis, Minister Zameer said the Government inherited a state of macroeconomic instability but has since restored confidence in its ability to meet financial obligations, including foreign debt repayments. He noted, however, that the year 2026 will be critical as the Government is due to settle USD 600 million in repayments from loans taken by previous administrations.

Acknowledging the potential uncertainty this may cause among both the public and external observers, the minister said the Ministry has taken the debt obligations into account when formulating the 2026 budget. He added that key fiscal targets have been set to restore debt sustainability and strengthen macroeconomic stability, with corresponding operational goals submitted to parliament.

According to Ministry data, the Maldives’ official reserve stood at USD 673.9 million at the end of 2024 and is projected to rise to USD 848.6 million in 2025, supported by reforms to foreign exchange laws and regulations. The reserve is further expected to increase to USD 903.7 million by 2026.