The Maldives has recorded a primary budget surplus of MVR 2.66 billion, reflecting a significant turnaround from the previous year, when the primary balance stood at a deficit of MVR 5.93 billion.

According to the latest Weekly Fiscal Development Report by Ministry of Finance and Planning, total cumulative revenue and grants for the period from 01 January to 04 December 2025 amounted to MVR 35.77 billion. Tax revenues remained the dominant source of income, totalling MVR 26.76 billion. Goods and Services Tax continued to be the largest contributor within tax revenues, generating MVR 14.82 billion, driven mainly by Tourism GST at MVR 9.85 billion.

Non-tax revenues reached MVR 8.71 billion, led by Fees and Charges which totalled MVR 3.97 billion, including Airport Development Fees of MVR 1.75 billion, Expatriate Quota Fees of MVR 390 million, and other administrative charges. Property income contributed MVR 2.25 billion, supported primarily by resort rents and land-use related fees. Grants received during the period amounted to MVR 298 million.

On the expenditure side, cumulative Government spending reached MVR 37.42 billion. Recurrent expenditure accounted for MVR 32.13 billion, while capital expenditure stood at MVR 5.30 billion. Administrative and operational expenses totalled MVR 18.75 billion, forming the largest share of recurrent spending. Salaries, wages and pensions amounted to MVR 13.36 billion during the period.

As a result, the overall fiscal balance for the period recorded a deficit of MVR 1.65 billion, marking a substantial improvement compared to the same period last year when the deficit was at MVR 10.41 billion.

Among Government offices, the Ministry of Education recorded the highest budget utilisation, with expenditure of approximately MVR 3.49 billion. This was followed by the Ministry of Construction, Housing and Infrastructure, which spent MVR 3.46 billion. Other ministries also recorded steady utilisation levels as the fiscal year moved into its final weeks.

Transfers to the Sovereign Development Fund rose to MVR 2.42 billion from MVR 1.29 billion in the previous year, representing an increase of 88 per cent and highlighting the Government’s continued focus on strengthening debt repayment capacity and long-term fiscal resilience.