Maldivian Finance Minister presents MVR 59.7 billion budget targeting tourist growth and $100 million reserve boost

Finance Minister Hassan Zareer today presented a MVR 59.7 billion budget for next year to the People's Majlis, setting targets to increase tourist arrivals and secure $100 million for state reserves. Zareer said by end of 2026, an estimated 2.17 million tourists will visit the Maldives with 13.9 million bednights, and predicted arrivals of 2.28 to 2.5 million in 2027 with bednights rising to 14.5 million. Official reserves are estimated at US$817.7 million by end of 2026 and US$907.2 million in 2027. The Minister noted that after record tourist numbers in December 2025 and strong arrivals in early 2026, the global economy was hit by a major storm – the third major shock to the Maldivian economy in ten years. This disrupted travel, raised oil prices and air travel costs, and reduced flights, directly affecting the tourism sector. European tourist numbers declined as visitors transited through Middle East hubs, with March-April arrivals down 23% compared to 2025 and overall numbers down 3.6% from last year. Despite this, Zareer said the government still expects revenue as projected and highlighted the economy's strong resilience.