The government submitted an MVR 59.7bn 2027 budget on 29 Oct 2026, MVR 4.5bn below this year, but the deficit widens to 7.3% of GDP and direct government debt is projected at 117% of GDP.
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Government · leader
President Mohamed Muizzu (head of state and government)
Key national agenda
- Easing the debt burden and fiscal stability (deficit below 5% of GDP by 2028)
- Completing 70% of ongoing public investment (PSIP) projects
- More housing, including a first-home loan scheme
- Stronger health services
- No tax increases in 2027
- Groundwork for developed-country status by 2040
Government programmes
2027 state budget (draft)MVR 59.7bn (proposed)
Recurrent MVR 42.7bn, capital MVR 9.8bn; revenue MVR 43.2bn (tax 33.6bn); deficit MVR 9.4bn (7.3% of GDP); debt repayment MVR 4.9bn
Public Sector Investment Programme 2027MVR 8.2bn (proposed)
MVR 8.2bn PSIP; aim to complete 70% of ongoing projects; domestically financed share capped at 70%
Housing programmeMVR 3bn (proposed)
MVR 3bn for housing, including MVR 750m equity for a first-home purchase/build loan scheme
Health sectorAbout MVR 10.2bn (proposed)
About MVR 10.2bn for health
2026 state budget (in execution)MVR 64.2bn (approved)
Parliament approved a record MVR 64.2bn budget in Nov 2025; expenditure MVR 49.2bn (capital 9.3bn), debt repayment MVR 12.9bn
Business opportunities
PSIP progress and financial monitoring system
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Revenue analytics and tax efficiency (GST data)
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Health administration and medical data digitisation
About MVR 10.2bn is allocated to health (estimated demand).
Ministry of Health, Aasandha
Housing loan application and assessment platform
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Free members get a human-reviewed summary by email for up to 3 countries a month (sent within 24h). BUILD members get them all.
Korean support schemes
- KOICA grant aid · KOICA — Korea's grant aid agency; no Maldives project was confirmed in this review.
- EDCF concessional loans · Export-Import Bank of Korea — Infrastructure loan programme; no Maldives EDCF project was confirmed in this review.
Official notices
The President's Office, Maldives
- 2026-10-29 Finance Minister submits MVR 59.7bn 2027 budget to parliament
- 2026-02-05 President Muizzu's address: gross reserves above USD 1.13bn, a record; sovereign debt restructuring under way
- 2026-02-05 2025 budget closed without a supplementary budget for the first time in five years; 2025 deficit projected at 5% of GDP
Disaster · conflict · epidemic
Stable 2026-11-07
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Earth & space
Credit rating · FX
S&P not confirmed / Moody's Caa1 (stable, single source) / Fitch not confirmed · K-SURE Not confirmed · MVR +0.1%
Sanctions
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No country-level UN, US, EU, UK or Korean sanctions programme was found.
Sources
- Edition.mv - State Budget 2027: MVR 59.7 billion proposed
- Atoll Times - Maldives proposes MVR 59.7 billion budget for 2027
- Atoll Times - Debt reduction, fiscal stability in 2027 budget
- Atoll Times - Total debt projected MVR 161.3 billion in 2027
- President's Office - Presidential Address 2026
- Raajje.mv - Parliament approves 2026 budget
