State records MVR 3.4B budget surplus with MVR 11.2B in revenue

As of last Thursday, the state has generated approximately MVR 11.2 billion in revenue as the budget surplus stands at MVR 3.4 billion.

According to the ‘Weekly Fiscal Development’ report released by the Finance Ministry on Tuesday, the state had recorded around MVR 11.2 billion in revenue as of Thursday, April 10th. This reflects an increase from the same period last year, when revenue stood at MVR 10.7 billion.

The breakdown of the revenue sources is as follows:

• Tax revenue – MVR 8.7 billion
• Non-tax revenue – MVR 2.5 billion
• Grant assistance – MVR 56 million

Tourism-related taxes and fees remain the largest contributors to tax revenue. Notably, the Tourism Goods and Services Tax (TGST) generated MVR 3.6 billion, marking an increase from MVR 3.1 billion during the same period last year. Similarly, revenue from the Green Tax rose to MVR 556.9 million, up from MVR 327.2 million recorded in the corresponding period last year.

Transfers to the Sovereign Development Fund (SDF) have also seen an increase this year. As of April 10th, MVR 437.1 million had been allocated to the fund, compared to MVR 342 million during the same period last year.

As of April 10th, state expenditure totaled around MVR 9 billion, reflecting a decline from approximately MVR 11.8 billion recorded during the same period last year.

So far this year, around MVR 2.4 billion has been spent on loan repayments, marking a significant increase from the MVR 847.9 million incurred during the same period last year.

The primary budget balance increased from MVR 351.6 million in 2024 to MVR 3.4 billion in 2025. As a result, the overall budget position shifted from a deficit of MVR 1.1 billion during the same period last year to a surplus of MVR 2.1 billion this year.

Maldives' critical fiscal situation has led international financial institutions to urge the government to cut spending and diversify the economy. They have warned that failure to do so could result in the Maldives defaulting on its debt obligations.

The government has affirmed that its fiscal reforms will improve the fiscal situation.