The Parliament’s Budget Committee has approved the Government’s proposed MVR 64.2 billion State Budget for 2026, passing it without any reductions. 

The proposed budget for next year stands at exactly MVR 64,202,565,720, of which MVR 49.2 billion has been allocated for expenditure. This includes MVR 39.9 billion in recurrent costs and MVR 9.3 billion in capital spending. State revenue and grants for 2026 are projected to reach MVR 40.4 billion.

A significant portion of the budget has been earmarked for sukuk and bond repayments, with MVR 9.3 billion allocated for liabilities falling due in 2026. The Government noted that the total value of such repayments during the period is expected to reach MVR 55 billion.

During the committee stage, discussions were held with senior officials from the Ministry of Finance and Planning to address issues raised by independent institutions. The Ministry informed the committee that mechanisms would be put in place to ensure that any constitutionally mandated body facing financial constraints would receive the support required from the overall national budget.

The committee also approved an additional MVR 3.5 million for the Secretariat of Parliament, sourced from the special budget. Members further agreed to expedite the construction of a new Government office building to address space shortages in public offices and reduce reliance on costly rented premises.

With the committee review now complete, the proposed budget will be forwarded to the Parliament floor for final deliberation. Each MP will be allocated seven minutes to debate the Budget Committee’s report before the 2026 State Budget is put to a vote.