The Maldives has begun 2026 with strong fiscal performance, according to the first Weekly Fiscal Developments report for the year released by the Ministry of Finance and Planning on 3 March. The report provides fiscal data covering government revenue and expenditure up to 26 February 2026 and offers the first official insight into the country’s financial performance for the year. An earlier publication issued on 19 January reflected fiscal data as at 31 December 2025 and therefore did not include financial activity for the new fiscal year.
The report shows that cumulative revenue and grants had reached MVR 7,786.5 million by 26 February. Tax revenues accounted for the majority of this amount, totalling MVR 6,467.1 million, highlighting the continued strength of the Maldives’ revenue base, particularly from the tourism sector and related economic activity. Goods and Services Tax (GST) remained the largest contributor to government income, generating MVR 3,169.7 million during the reporting period. Of this amount, Tourism GST accounted for MVR 2,321.8 million, reflecting the sustained performance of the Maldives’ resort industry and international visitor arrivals. General GST contributed MVR 847.9 million, demonstrating steady economic activity across domestic sectors of the economy.
Additional tourism-related revenues also contributed to the strong fiscal position. Green Tax collections reached MVR 410.8 million, while airport service charges and departure taxes generated MVR 291.9 million. These figures reflect the continued importance of tourism infrastructure, including international airports, resorts, guesthouses and travel services, in supporting the Maldives’ national revenue stream. The country’s globally renowned tourism industry, which is anchored by a network of luxury island resorts, boutique hotels and marine-based experiences, continues to attract travellers from major international markets seeking pristine beaches, vibrant coral reefs and high-end hospitality. The sustained inflow of visitors not only supports tourism businesses but also contributes significantly to public finances through tourism-related taxes and service charges.
Non-tax revenues totalled MVR 1,272.5 million during the same period. This category includes government income generated through administrative fees, service charges, rents and property-related income. Grants provided by development partners amounted to MVR 46.5 million.
Government expenditure as at 26 February stood at MVR 5,905.6 million. Recurrent expenditure represented the largest share, reaching MVR 5,471.5 million. Salaries, wages and pension payments totalled MVR 2,641.6 million, continuing to represent the largest category of government spending as the public sector maintains essential services across the country’s dispersed islands. Administrative and operational expenses accounted for MVR 2,829.8 million, supporting the day-to-day functioning of government institutions, public services and national programmes.
Capital expenditure during the reporting period amounted to MVR 434.1 million. Spending on infrastructure assets accounted for MVR 284.3 million, reflecting ongoing investments in national development projects aimed at strengthening transportation networks, utilities and public infrastructure. Additional capital spending was directed towards land, buildings and equipment required to support government operations and development initiatives. Public Sector Investment Program expenditure reached MVR 447.8 million, indicating the early-stage implementation of development projects during the opening weeks of the fiscal year.
The fiscal position recorded an overall surplus of MVR 1,880.9 million during the reporting period, reflecting revenue growth that exceeded government expenditure in the first two months of the year. The primary balance, which excludes financing and interest costs, stood at a surplus of MVR 2,293.1 million. Financing and interest costs during the period totalled MVR 412.2 million.
As of 23 February 2026, government securities outstanding were recorded at MVR 100,764.2 million. This figure reflects the Maldives’ continued use of domestic and external borrowing instruments to support fiscal management and development financing.
Weekly Fiscal Developments reports are designed to provide regular updates on the state of the country’s public finances and fiscal operations. The release of data for 2026 in early March offers the first consolidated view of revenue performance, expenditure trends and fiscal balances for the year. These developments come at a time when maintaining sustainable revenue streams, managing recurrent expenditure growth and addressing long-term debt obligations remain central considerations in the Maldives’ broader fiscal outlook as the nation continues to develop its economy and strengthen its global tourism leadership.
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