President says next year’s budget will prioritize completing at least 70% of ongoing projects

The main objective of next year’s budget is to complete 70 percent of the projects already handed over by the government so far, President Dr. Mohamed Muizzu said.  

Speaking on the Nation Chat programme broadcast on state media, Muizzu said the government had worked to reduce the country’s debt and raise its credit rating to ensure future projects can be carried out without delay. He said the budget for next year will be submitted to Parliament on October 29.

When next year’s budget is presented to Parliament on Thursday, the government will focus on completing unfinished projects instead of starting new ones, he said. If 100 projects have been handed over, 70 of them will be completed and delivered to the people, he said in example.

The President said the budget has been formulated to prioritise essential public services, especially the completion of hospitals, schools and other critical social infrastructure. He said that when the current administration took office, the Maldives was on the brink of default and bankruptcy, and stabilising the economy became the government’s first priority.

He said these efforts have helped raise both gross and usable reserves to record levels at the beginning of this year. The President added that the government’s strong policies to reduce expenditure will be reflected in next year’s budget. The budget will also include measures to reduce the budget deficit, improve macroeconomic indicators and further strengthen fiscal responsibility, he said.

The President said the government will continue to implement expenditure controls, reduce the national debt and explore new revenue streams. He also assured that ongoing capital projects will not impose unsustainable debt burdens on the state.

Referring to major housing initiatives, including the Rasmale' development project, he said these projects are structured around future revenue streams to avoid additional borrowing or financial strain on the state budget. He noted that global geopolitical tensions, especially conflicts in the Middle East, have affected tourism performance and tax revenues, creating additional fiscal pressure.

Despite these external challenges, the President said the government remains committed to managing the economy responsibly while advancing key development projects within a disciplined budget framework.