Deputy Minister of Finance, Ahmed Saaid Musthafa, has announced that the Finance Ministry intends to propose a surplus budget for 2028.
Saaid disclosed that the state’s primary balance is a deficit of MVR 13.35 million (USD 13.35 million) after deducting all expenses from this year’s revenue. However, he highlighted a significant improvement from the previous year, with the deficit recorded at MVR 2.6 billion (USD 2.61 million).
He underscored the government’s focus on expenditure reduction, cautioning that failure to achieve this could necessitate a supplementary budget of MVR 10 billion (USD 10.51 million) by year-end.
Saaid warned against unchecked spending, noting that seeking funds from external sources could exacerbate current financial challenges.
Highlighting efforts to manage debt, Saaid disclosed that MVR 2.5 billion in loans had been repaid, including MVR 1.6 billion in interest accrued from previous borrowings.
To fund the state budget, the government has outlined plans to procure MVR 8.5 billion, including issuing a USD 50 million bond for budgetary support.
