Maldives has continued to maintain its budget surplus well past the first quarter of the year, Ministry of Finance and Planning figures showed.
According to the Ministry’s ‘Weekly Fiscal Developments’ figures, Maldives recorded USD 726.3 million as of 10 April, with a total State expenditure of USD590.1 million during the period.
The revenue figures of the first 12 weeks of the year, is 4.6 percent more than the USD 693.9 million earned during the same period last year.
Tourism GST was the biggest contributor to State revenue so far this year with USD233.5 million which is USD32.4 million more than the TGST revenue generated last year.
Green Tax revenue was second with USD36.1 million which marks an increase of USD14,9 million in comparison to the same period of 2024.
The figures also showed a slight increase in Sovereign Development Fund (SDF) deposits so far this year with USD 28.3 million. SDF deposits by 10 April of 2024 totalled USD 22.2 million.
Cumulative expenditure for the period stood at USD 583.7 million while the figures in 2024 was USD 765.2 million.
The considerable decrease came after the government spent more on debt servicing costs in comparison to the same period last year. As of 10 April, the government spent USD 155.6 million in loan repayment compared to the USD 55 million last year.
According to the figures, while Maldives recorded a primary balance surplus of USD 22.8 million during the same period of 2024, the figure had climbed to USD 220.5 million so far this year.
With the government’s economic reform programme complemented by the ongoing austerity measures, Maldives has recorded an overall budget balance surplus of USD 138.6 million by 10 April.
President Dr Mohamed Muizzu has repeatedly asserted his intention to implement measures aimed at eliminating the entrenched culture of excessive expenditure that exceeds the state's income.
After assuming office in November 2023,President Dr Muizzu had immediately prioritised economic recovery measures to confront the severe fiscal challenges.
For the current year, the government submitted a national budget of USD 3.67 billion, with expected expenditure reaching USD 3.19 billion. Recurrent expenditure is projected at USD 2.32 billion, while capital expenditure is set at USD 862.98 million. The administration plans to allocate USD 804.40 million to the Public Sector Investment Programme (PSIP). Additionally, the government anticipates generating a total income of USD 2.57 billion, including foreign aid.