The Maldives’ fiscal position continues to strengthen in 2025, with government revenues recording solid growth and the budget maintaining a healthy primary surplus, according to the Ministry of Finance and Planning’s Weekly Fiscal Developments, Week 46 report, as of 04 December 2025.
Cumulative revenue and grants reached MVR 35.77 billion, reflecting sustained economic activity and improved collections, particularly from the tourism sector. Total expenditure stood at MVR 37.42 billion, resulting in an overall deficit of MVR 1.65 billion, while the primary balance recorded a surplus of MVR 2.66 billion, underscoring stronger fiscal discipline before debt servicing costs.
Tourism driven taxes remained the backbone of government income. Tax revenue totalled MVR 26.76 billion, with Goods and Services Tax contributing MVR 14.82 billion, including a robust MVR 9.85 billion from Tourism GST alone. The Finance Ministry identified TGST as the single largest source of revenue growth during the reporting week, highlighting the continued resilience of the tourism industry.
On the spending side, recurrent expenditure reached MVR 32.13 billion, largely reflecting commitments to salaries, wages and pensions, which totalled MVR 13.36 billion. Capital expenditure stood at MVR 5.30 billion, with infrastructure investment remaining a priority, particularly in transport and airport development projects.
The report also noted that total government securities outstanding stood at MVR 96.70 billion, indicating continued reliance on structured financing while maintaining revenue growth momentum.
