Parliament Approves MVR 56.55 Billion Budget for 2025

The Maldivian Parliament has approved a MVR 56.55 billion budget for 2025, following rigorous debate and review. The budget passed with the support of 70 members after the Budget Committee submitted its report.

Presented on October 31, 2024, the budget outlines MVR 49.17 billion in expenditures, allocating MVR 35.91 billion for recurrent expenses and MVR 13.26 billion for capital projects. A significant portion, MVR 12.33 billion, is dedicated to development projects under the Public Sector Investment Programme (PSIP).

Total revenue and grants are estimated at MVR 39.69 billion, with reforms expected to save an additional MVR 6.58 billion. The projected deficit of MVR 9.4 billion is the lowest in recent years, reflecting the government's commitment to responsible fiscal management.

The Budget Committee has recommended prioritising PSIP programmes based on set criteria, with the government to submit a project list by February 2025. Details of signed projects must also be provided by March 2025 for feasibility evaluation.

To enhance transparency, the committee proposed quarterly progress reports to Parliament throughout 2025. The report was approved with 68 votes in favour, underscoring broad parliamentary support.