Maldives records 10.9% rise in state revenue to MVR 24.1 billion

The Maldives' Ministry of Finance and Public Enterprises reported that total state revenue and grants reached MVR 24.1 billion as of 23 July 2026, a 10.9% increase over the same period in 2025. The growth was driven primarily by higher tax collections, with tax revenue rising 12.1% to MVR 18.4 billion. Goods and Services Tax (GST) remained the largest source, generating MVR 10.0 billion, up 9.7% year‑on‑year, while tourism‑related GST (TGST) rose 8.0% to MVR 6.9 billion.

Expenditure also climbed, reaching MVR 25.5 billion, a 19.7% increase, reflecting larger allocations for civil‑service salaries, public health services, and social protection programmes. Spending on salaries, wages and pensions rose 9.5% to MVR 8.5 billion, and the Aasandha national health insurance scheme’s outlay grew 14.8% to MVR 1.2 billion. Subsidy spending surged 79% to MVR 3.2 billion, attributed to higher oil and commodity prices linked to the ongoing war in the Middle East. Finance Minister Zareer signed his letter of appointment during the reporting period.