The Maldives has already surpassed its projected revenue target from foreign grants for the year, according to the latest fiscal figures released by the Ministry of Finance and Public Enterprises.
Data published in the Ministry’s Monthly Fiscal Development Report shows that the state had budgeted MVR 373.6 million in grant revenue for 2026. However, as of June 4, total grants received had reached MVR 393.6 million, exceeding the annual target by MVR 20 million, or 5.3 percent.
The report also highlights a significant increase compared to the same period last year, when grant receipts stood at MVR 128.7 million.
The government’s total revenue projection for 2026, including tax revenue, non-tax revenue and grants, is estimated at MVR 40.3 billion.
According to the Weekly Fiscal Report, state revenue had reached MVR 19 billion by early June, representing a 10 percent increase from the MVR 17.3 billion recorded during the corresponding period in 2025.
Tax revenue remains the largest source of government income. Collections rose from MVR 13.2 billion during the same period last year to MVR 14.8 billion this year, an increase of 12.4 percent. Tax receipts account for approximately 78 percent of total state revenue.
The tourism sector continues to be the main driver of revenue growth. Collections from Tourism Goods and Services Tax (TGST) increased from MVR 5 billion to MVR 6 billion, reflecting continued strength in tourist arrivals and tourism-related spending.
Revenue from General Goods and Services Tax (GST) also recorded healthy growth, rising from MVR 2.2 billion to MVR 2.5 billion over the same period.
The latest figures from the Ministry of Finance and Public Enterprises indicate continued momentum in government revenue collection, supported by strong tourism performance, rising tax receipts and higher-than-expected foreign grant inflows.
