Budget committee approves MVR 64.2B without major changes

The Parliament’s Budget Review Committee on Wednesday approved the government’s proposed MVR 64.2 billion budget for 2026, without incorporating additional funding requests from various agencies.

Committee Chair and Eydhafushi MP Ahmed Saleem said the budget could no longer be altered due to the scale of projected expenditures next year. He noted that the Finance Ministry had responded to agency requests by stating that any urgent funding needs would be addressed through a special budget mechanism.

However, the Finance Ministry has allocated MVR 3.5 million to Parliament from the existing budget.

Before the vote, opposition Maldivian Democratic Party (MDP) members proposed two motions:

• Allocate MVR 120 million for skipjack tuna fishermen, MVR 165 million for yellowfin tuna fishermen, and MVR 50 million for farmers from the special budget.

• Include recommendations from Maldives Monetary Authority (MMA) Governor Ahmed Munawwar.

The proposals, submitted by MDP Parliamentary Group Leader and Hithadhoo South MP Ibrahim Nazil and Hanimaadhoo MP Abdul Ghafoor Moosa, were rejected by ruling People’s National Congress (PNC) members.

The final motion to approve the budget was moved by North Thinadhoo MP Saudhullah Hilmy and seconded by Funadhoo MP Mohamed Mamdooh Yoonus. It passed with 10 votes in favor and four against.

The budget will now proceed to the full Parliament for debate, where members may propose amendments.

At MVR 64.2 billion, the 2026 budget is MVR 7.6 billion higher than this year’s MVR 56.6 billion budget. A significant portion of next year’s spending, USD 1.1 billion, is earmarked for debt repayment, marking a record high in debt servicing.