Finance Minister presents MVR 59.7 billion budget for 2026, targets developed nation status by 2040

Finance Minister Hassan Zareer has presented a budget of 59.7 billion rufiyaa for the upcoming year to the People’s Majlis, stating that the vision set by President Dr. Mohamed Muizzu to transform the Maldives into a developed nation with all infrastructure built by 2040 can be achieved through the manner in which it is being pursued. Presenting the budget, the minister said it aims to improve the living standards of every Maldivian citizen. "This is a roadmap charted by the government to build a fair, just and productive society in this fifth decade of our history," he said. The projected total expenditure by the state is 52.6 billion rufiyaa, of which 42.7 billion rufiyaa is allocated for recurrent or operational expenses. Capital expenditure, which includes the state's development projects, is budgeted at 9.9 billion rufiyaa. Additionally, a budget of 8.2 billion rufiyaa has been allocated for PSIP. The budget estimates that the state will receive 43.2 billion rufiyaa as revenue and grants next year, an increase of 1.4 billion rufiyaa compared to the current year. Government revenue is expected to continue rising in the medium term, with projections indicating the state will receive 46.6 billion rufiyaa in 2028 and 49.7 billion rufiyaa in 2029.