Minister of Finance and Planning Moosa Zameer has announced that the Government will not need to submit a supplementary budget for the current fiscal year, stating that national expenditure is on track to remain within the limits approved by Parliament.
The Minister made the remarks during Monday’s parliamentary debate on the proposed 2026 State Budget, where he also outlined the financial challenges and policy direction shaping next year’s fiscal plan.
Minister Zameer told lawmakers that 2026 will be the most demanding year for debt repayments in Maldivian history, and that the budget has been carefully crafted to navigate this period without compromising fiscal sustainability.
According to the Minister, economists at both the Ministry of Finance and the Maldives Monetary Authority (MMA) have assessed the proposed budget and concluded that it can be implemented sustainably.
Zameer highlighted that the Government is prioritising revenue growth without raising taxes, noting several emerging sectors that the Maldives intends to tap into.
He said new opportunities — including the creation of an international financial centre, the development of digital investment platforms, and the introduction of tools such as blockchain systems and tokenisation — offer promising avenues to diversify and strengthen the economy.
The Minister also pointed to ongoing efforts to make regional airports financially viable, describing improved airport operations as an important component of the Government’s broader revenue strategy.
Addressing past budgetary trends, Zameer noted that supplementary budgets were routinely submitted by previous administrations, often as a result of unplanned expenses or fiscal mismanagement.
He emphasised that the current Government has managed to operate without requesting additional budgetary allocations this year — and projected that no supplementary budget will be required in 2026 either, reflecting what he described as more disciplined financial planning.
Zameer also criticised the previous administration for failing to establish a coherent system for managing sovereign debt, which he said contributed to public anxiety about the nation’s financial health.
He assured Parliament that the current Government remains committed to sustainable and responsible debt repayment.
“We will continue to manage and repay the country’s debt in a way that is responsible and sustainable,” the Minister said.
The Parliament will continue debate on the 2026 State Budget throughout the week.
