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Ministry of Finance and Public Enterprises
In the news, last 90 days
Economy
Budget 2027: MVR 2.7 billion earmarked for council block grants
The Government's proposed 2027 budget earmarks MVR 2.7 billion for council block grants, an 8 per cent rise over this year's MVR 2.5 billion, within a MVR 59.7 billion budget submitted to Parliament. The article lists proposed allocations for city and island councils and notes ministry concerns that 31 councils had not properly maintained their financial accounts by the end of 2025.
Health
Veymandoo’s new hospital will be a reliable facility for the entire region: Kuwait Fund
The Maldives government and the Kuwait Fund for Arab Economic Development signed a loan agreement for 3 million Kuwaiti Dinars (about USD 9.7 million) to develop the Thaa Atoll Hospital in Veymandoo, the fund's first investment in the Maldivian healthcare sector and its 15th loan to the country. At the ceremony, the Kuwait Fund's Acting Director General also announced it is raising the Maldives' annual country limit from about USD 10 million to USD 40 million effective next year.
Economy
Budget 2027: MVR 496.2 million allocated for religious affairs
The proposed 2027 State Budget allocates MVR 496.2 million for religious programmes, up from MVR 470.4 million in 2026 and MVR 339.4 million in 2025. The government is also running religious education initiatives, including the Young Khatib Training Programme, and advancing projects to establish National Centre for the Holy Qur'an branches across inhabited islands.
Economy
Rising fuel costs push subsidy spending 49.2 per cent above annual...
Government subsidy spending reached MVR 4.31 billion by 29 October, 49.2 per cent above the MVR 2.89 billion annual budget allocation, driven by higher international oil prices. Aasandha and council grants also rose compared with the previous year.
Politics
Parliament Committee sets 19 November deadline for State Budget...
Parliament's Budget Review Committee has unanimously agreed to complete its examination of the proposed MVR 59.7 billion State Budget for 2027 by 19 November. The budget, submitted by the Ministry of Finance and Public Enterprises, represents a MVR 4.5 billion reduction from the MVR 64.2 billion approved for 2026.
Economy
Government to reverse 17 percent TGST on foreign tour operators
The Maldives government will reverse amendments to the GST Act that required foreign tour operators to pay a 17 percent Tourism Goods and Services Tax, restoring the previous arrangement. Minister of Tourism and Civil Aviation Mohamed Ameen said Parliament was expected to pass the bill within one to two weeks, while MIRA would retain authority to determine fair market prices.
Economy
Inflows to Sovereign Development Fund projected to rise to USD 149 million next year
State budget forecasts project inflows to the Sovereign Development Fund to rise to USD 149.16 million next year, up from an estimated USD 142.67 million in the current fiscal year, with contributions reaching USD 162.13 million in 2028 and USD 175.10 million in 2029. Debt servicing outlays are estimated at USD 758.75 million in 2026 but are projected to contract to USD 285.34 million next year, while domestic debt is forecast at 83.4 per cent of GDP by 2027.
Health · Press release
Agreement signed with Kuwait Fund to develop Th. Atoll Hospital
The Government of the Maldives signed an agreement with the Kuwait Fund for Arab Economic Development for a loan of 3 Million Kuwaiti Dinars (about USD 9.7 million) to build a modern 50-bed Th. Veymandoo New Hospital in Th. Atoll. The Fund also announced it will raise its annual loan limit for the Maldives from USD 10 million to approximately USD 40 million from 2027 onwards.
Economy
MPs Saleem, Fazad reappointed to lead 2027 Budget Review Committee
MPs Ahmed Saleem and Ali Fazad were unanimously appointed Chair and Vice Chair of the parliamentary Budget Review Committee reviewing the proposed MVR 59.7 billion 2027 State Budget. The proposed budget is MVR 4.5 billion lower than the approved 2026 budget, with total expenditure projected at MVR 52.6 billion.
Economy
Government disburses MVR 2 billion in block grants to councils
The government had disbursed MVR 2 billion in block grants to councils as of 22 October, 17 per cent more than in the same period last year, according to the Ministry of Finance and Public Enterprises' Weekly Fiscal Developments report. This year's budget earmarks a record MVR 2.4 billion for council grants, with the proposed 2027 budget raising that to MVR 2.5 billion.
Economy
Health allocation rises 4.5 per cent in proposed 2027 budget
The proposed 2027 budget allocates USD 652.57 million to the health sector, a 4.5 per cent increase over projected 2026 spending, covering ministry operations, hospitals, Aasandha and NSPA costs. The proposal also provides USD 38.10 million for health-sector projects under the Public Sector Investment Programme, including laboratory expansion and hyperbaric chambers.
Health
Male' City Group of Hospitals dissolved, new governing body established for tertiary hospitals
President Dr. Mohamed Muizzu has established the Maldives Tertiary Hospitals Group (MTHG) and dissolved the governing boards of the Male' City Group of Hospitals and five other regional hospitals, consolidating state-owned tertiary hospitals under a single board. Board members were appointed, including Dr. Abdul Azeez Yoosuf as Chairperson and Hussain Haleem as Vice Chairperson.
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