The Ministry of Finance and Planning on 3 March released its first Weekly Fiscal Developments report containing data for 2026, covering fiscal activity up to 26 February. While a report was issued on 19 January, that publication reflected fiscal data as at 31 December 2025. The latest release therefore provides the first official insight into this year’s revenue and expenditure trends.
As at 26 February, cumulative revenue and grants stood at MVR 7,786.5 million. Tax revenues accounted for MVR 6,467.1 million, with Goods and Services Tax contributing MVR 3,169.7 million. Tourism GST alone generated MVR 2,321.8 million, compared to MVR 847.9 million from General GST. Green Tax collections reached MVR 410.8 million, while airport service charges and departure tax brought in MVR 291.9 million.
Non-tax revenues totalled MVR 1,272.5 million, supported by fees, charges and property income. Grants amounted to MVR 46.5 million.
Total expenditure reached MVR 5,905.6 million over the same period. Recurrent expenditure continued to dominate at MVR 5,471.5 million. Salaries, wages and pensions amounted to MVR 2,641.6 million, remaining the single largest spending category. Administrative and operational expenses followed at MVR 2,829.8 million.
Capital expenditure was recorded at MVR 434.1 million. Infrastructure assets accounted for MVR 284.3 million, while spending on land, buildings and equipment comprised the remainder. Public Sector Investment Program spending totalled MVR 447.8 million, reflecting a gradual pace of project execution in the opening weeks of the year.
The overall fiscal balance registered a surplus of MVR 1,880.9 million. The primary balance, which excludes financing and interest costs, stood at a surplus of MVR 2,293.1 million. Financing and interest costs reached MVR 412.2 million.
Government securities outstanding stood at MVR 100,764.2 million as of 23 February 2026, reflecting continued reliance on domestic and external borrowing instruments.
Weekly Fiscal Developments reports are structured to provide regular updates on the state of public finances. The publication of 2026 data in early March offers the first consolidated view of fiscal performance this year, at a time when revenue sustainability, recurrent expenditure growth and debt obligations remain central to the broader fiscal outlook.
