- President Muizzu set a 70 per cent completion target for ongoing projects as the 2027 Budget's primary objective, to be submitted 29 October.
- The budget prioritises completing hospitals, schools and critical social infrastructure while maintaining fiscal discipline, deficit reduction and new revenue sources.
- Muizzu cited housing initiatives like Rasmalé as structured around future revenue, and noted Middle East conflicts affected tourism and tax revenues.
Completing and handing over at least 70 per cent of ongoing infrastructure and development projects will be the primary objective of the 2027 State Budget, President Dr Mohamed Muizzu has said, placing the delivery of existing projects at the centre of the Government’s spending priorities.
Speaking during the sixth episode of Public Service Media’s (PSM) Nation Chat podcast series, the President said the budget was scheduled to be submitted on 29 October. He said it had been structured around essential public services, with particular attention to completing hospitals, schools and other critical social infrastructure.
The completion target comes alongside what the President described as a continued commitment to fiscal discipline. He said the Government would pursue expenditure controls, reductions in the budget deficit and national debt, and new sources of revenue while advancing development projects.
Reflecting on the economy inherited by his Administration, the President said the Maldives had been on the brink of default and bankruptcy when it took office. He described stabilising the economy and averting a financial crisis as the Government’s initial priorities, and credited its efforts with bringing gross and usable foreign exchange reserves to record levels by the beginning of the year.
On Government-backed capital projects, the President said ongoing developments would not place unsustainable debt burdens on the State. He cited major housing initiatives, including the Rasmalé development project, as developments structured around future revenue streams, which he said would avoid additional borrowing requirements or pressure on the State Budget.
The President also pointed to external pressures on public finances, saying conflicts in the Middle East had affected tourism performance and tax revenues in the Maldives. He said the Government remained committed to managing those pressures while completing critical development projects within a disciplined budget framework.
