Maldives Economy News
The Maldives economy depends heavily on tourism and imports, which makes the dollar rate, debt and government spending big stories. We cover the budget, inflation, the rufiyaa, foreign debt and the policies shaping how Maldivians earn and spend.
Maldives tables MVR 59.7bn 2027 budget, no tax rises
The government has proposed an MVR 59.7 billion state budget for 2027, MVR 4.5 billion smaller than this year's, with a MVR 9.4 billion deficit and a pledge of no tax increases.
Maldives 2027 budget aims to finish 70% of projects
President Dr Mohamed Muizzu said the 2027 State Budget, due to be submitted on 29 October, will prioritise completing at least 70 per cent of ongoing projects, including hospitals and schools.
Fish exports fall 59% in first eight months as tuna shipments slump
The Maldives exported 23,554 tonnes of fish from January to August, down 59% on a year earlier, with fresh and frozen tuna shipments falling by almost two-thirds.
MMA reminds foreign currency earners to convert September income before 28 October
The central bank says entities that miss the monthly foreign currency conversion deadline under the Foreign Currency Act will be named publicly.
Transfers to sovereign fund fall MVR 396 million as debt repayments more than double
The government transferred MVR 1.73 billion to the Sovereign Development Fund by 15 October, MVR 395.6 million less than a year earlier, Finance Ministry figures show.
Food inflation eases to 5.7 percent after June peak, official data shows
Annual food inflation fell to 5.7 percent in August from a 7.3 percent peak in June, though prices in Malé ticked up again in August.
Government offers up to MVR 250,000 to help first-time home owners
Two new schemes will cover part of the upfront equity that lenders require for housing loans, the housing ministry says, with up to MVR 200,000 for building and MVR 250,000 for buying.
Tourism GST slips as deficit widens to MVR 4.5 billion
Tourism GST collections are 1.8% lower than last year so far, while government spending has risen 17%, leaving a MVR 4.5 billion deficit by mid-October, Finance Ministry figures show.
First draft of Maldives carbon trading rules completed, minister says
Environment Minister Ali Shareef says the first draft of regulations for a Maldives carbon market is done and under review, with the government aiming to gazette them before the end of 2026.
MVR 58.8 billion needed to finish housing ministry's projects, minister says
Infrastructure Minister Dr Abdulla Muththalib told parliament that completing the projects his ministry has started will cost MVR 58.83 billion, and that this year's budget sets no fixed amount for any single project.
Ice plants to be built on 11 islands under deal with Malaysian firm
The Fisheries Ministry has signed an agreement with Altus Oil and Gas Malaysia to build ice plants on 11 islands, each producing 30 tonnes of ice a day with 50 tonnes of storage.
Finance Ministry buys 25,011 sq ft Hulhumalé plot from HDC for MVR 94.5 million
The Ministry of Finance has bought a 25,011 square foot plot in Hulhumalé from the Housing Development Corporation for MVR 94.5 million. What it will be used for has not been announced.
Economy grew 2.4% in August, led by finance, trade and construction
Economic output in August reached MVR 9.64 billion, up 2.4 percent on a year earlier and 5.4 percent on July, according to the Maldives Bureau of Statistics.
Grant scheme being prepared to cover equity on home-building loans
President Mohamed Muizzu said the government is developing a scheme to give non-repayable grants towards the 5 percent equity banks require from people borrowing to build homes on allocated plots.
Government subsidy spending reaches MVR 4.3 billion, 50% above budget
Government spending on subsidies has reached MVR 4.3 billion so far in 2026, about half as much again as the amount set aside in the budget.
Fenaka managing director Afeef dismissed ahead of company's dissolution
Mohamed Afeef Hussain was removed as managing director of state utility Fenaka Corporation on Wednesday, as the government moves to dissolve the company and place its work under STELCO.
India to roll over $320mn currency swap for Maldives
India has agreed to roll over a USD 320 million currency swap facility for the Maldives for three months at Malé's request, though New Delhi has not yet issued an official confirmation.
Explainer: 17% TGST on foreign tour operators delayed to April 2027
The 17% Tourism Goods and Services Tax on foreign tour operators, travel agents and booking platforms will now take effect on 1 April 2027, not 1 October 2026, after the government postponed it.
Maldives seeks international help as oil costs strain budget, Zareer says
Finance Minister Hassan Zareer said on Tuesday that the Maldives has asked international financial institutions to help strengthen state reserves and support economic reforms, as fuel subsidy spending has tripled this year.
Maldives Expo 2026 draws 780 exhibitors, minister says
Economic Minister Mohamed Saeed says this year's Maldives Expo will have 780 exhibitors and about 4,800 products, more than triple last year's exhibitor count.