Maldives Budget 2027: Committee Approves Two-Week Timeline to Finalise MVR 56.7 Billion Proposal

The Budget Committee of the People’s Majlis has approved a plan to finalise the government’s proposed state budget for 2027 within two weeks, setting a deadline of November 19. The decision was taken during a committee meeting held on Thursday, with a meeting summoned with the Finance Ministry scheduled for November 9. The proposed budget totals MVR 59.7 billion (approximately MVR 59,704,440,795), though Finance Minister Hassan Zareer stated total state expenditure would amount to MVR 52.6 billion. Of this, MVR 42.7 billion is allocated for recurrent expenditure or operational costs, while MVR 9.9 billion has been set aside as capital expenditure covering development projects and investments. Minister Zareer said capital expenditure includes MVR 8.2 billion for PSIP projects. Under the rules of the People’s Majlis, no specific date has been set to summon the Maldives Monetary Authority and the Auditor General to seek their opinions on the budget. Member Mohamed Mamdooh from the Funadhoo constituency proposed that opinions be sought in writing only, without meeting independent institutions, and the committee approved this proposal. However, MDPP Member Ibrahim Nazil from the Hithadu South constituency expressed concern and proposed that independent institutions be given the opportunity to appear before the committee and submit their opinions. The committee supported Member Nazil’s proposal as well.