Completing and handing over at least 70 per cent of ongoing infrastructure and development projects will be the main goal of the Maldives' 2027 State Budget, President Dr Mohamed Muizzu has said.
Speaking in an episode of the "Nation Chat" podcast series, the President said the budget for next year was scheduled to be submitted on 29 October, according to a President's Office statement on the 2027 budget priorities.
He said the budget had been built around essential public services, with priority given to finishing key social infrastructure such as hospitals and schools.
How big is the 2027 budget?
The total value of the 2027 budget had not been published by the President's Office or the Ministry of Finance at the time of writing. The Finance Ministry's figures show the proposed budget for 2026 was MVR 64.2 billion, with total expenditure of MVR 49.2 billion.
How will the Maldives manage its debt?
The President said the economy had been on the brink of default and bankruptcy when his administration took office, and that its first priority had been to stabilise it. Gross and usable foreign exchange reserves reached record levels by the start of this year, he said.
He said the government remained committed to fiscal discipline through spending controls, lowering the budget deficit and national debt, and finding new sources of revenue.
The President said ongoing state-backed projects would not saddle the state with unsustainable debt. Housing schemes such as the Rasmalé development are structured around future revenue so that they do not require extra borrowing or strain the budget, he said.
He also said conflicts in the Middle East had weighed on tourism performance and tax revenue in the Maldives, but the government would continue to manage the pressure while pushing ahead with critical projects.