The Maldivian government concluded 2024 with a total revenue of MVR 34 billion and total expenditure of MVR 48 billion, as revealed in the latest data from the Maldives Monetary Authority (MMA).
The fiscal performance for the year resulted in a budget deficit amounting to 13% of the nation’s Gross Domestic Product (GDP), according to the MMA’s statistics.
A breakdown of the revenue for the year indicates that 76% of the total earnings, equating to MVR 26 billion, came from tax collections. In contrast, foreign aid received during the period amounted to MVR 658 million, which fell significantly short by 44% of the MVR 1.5 billion that had been initially anticipated in the budget.
In terms of expenditure, the government allocated MVR 34 billion for operational costs, including salaries, which together accounted for 70% of total spending. Capital expenditures stood at MVR 15 billion, falling MVR 1 billion below the projected figure. A substantial portion of the capital spending, MVR 11 billion, was directed towards the Public Sector Investment Programme (PSIP), while MVR 2.3 billion was set aside for loan repayments.
The country’s GDP reached MVR 109 billion in 2024, reflecting a growth rate of 5.5%. The MMA has projected a more optimistic growth forecast of 6.4% for the current year.
