Maldives Receives Only 11.5% of Projected MVR 2.6 Billion in Grants This Year

The Maldives has secured just 11.5% of the MVR 2.6 billion in grant aid it had projected for 2025, according to the latest fiscal development report released by the Finance Ministry. With only three weeks remaining in the year, the government has received only MVR 289 million in grants as of December 4. This represents a significant shortfall compared to the MVR 603 million secured during the same period last year, marking a 50% decline. The 2025 budget, approved by the People’s National Congress (PNC)-controlled Parliament, had anticipated MVR 2.59 billion in grants, but 88% of this target remains unmet. The Maldives’ escalating debt crisis, including a staggering USD 1.1 billion due in mid-2026, has hindered its ability to secure foreign aid. Moody’s and Fitch have downgraded the country’s credit ratings, citing default risks, while the World Bank warns that the situation complicates efforts to alleviate the crisis.