News Desk
MALE’ — The Maldives’ state revenue, including grants, rose by 10.9 per cent to reach MVR 24.1 billion by 23 July 2026, according to the latest weekly fiscal data from the Ministry of Finance.
The figure marks a significant increase of MVR 2.4 billion compared to the MVR 21.7 billion recorded during the same period in 2025. Tax revenue, the primary driver of this growth, rose by 12.1 per cent, or MVR 2.0 billion, climbing from MVR 16.4 billion to MVR 18.4 billion.
Goods and Services Tax (GST) remained the largest contributor to state coffers, bringing in MVR 10 billion. This represents a 9.7 per cent increase over the MVR 9.1 billion collected in the previous year. Within this category, General GST rose by 13.6 per cent to MVR 3.1 billion, while Tourism GST (TGST) saw an 8 per cent increase, reaching MVR 6.9 billion.
As of 23 July, the state has secured 59.7 per cent of the projected MVR 40.4 billion in total revenue and grants anticipated for the full year.
However, the uptick in revenue has been accompanied by a sharp rise in state expenditure. Total recurrent and capital spending hit MVR 25.5 billion, a 19.7 per cent surge from the MVR 21.3 billion spent in the corresponding period last year.
Spending on salaries, wages, and pensions accounted for MVR 8.5 billion, a 9.5 per cent increase. The Ministry of Finance attributed this rise to the upward revision of civil service pay implemented in November 2025.
Social spending also saw significant pressure. Expenditure on ‘Aasandha’, the state’s healthcare scheme, reached MVR 1.2 billion, up by 14.8 per cent. Meanwhile, subsidies ballooned by 79 per cent to MVR 3.2 billion, a jump of MVR 1.4 billion compared to the previous year. Officials pointed to the rising global costs of fuel and essential commodities, exacerbated by ongoing conflicts in the Middle East, as the primary cause for the mounting subsidy burden.
The fiscal data reveals a primary surplus of MVR 1.5 billion, while the overall balance remains in a deficit of MVR 1.4 billion.
Zakat Collections Double in June
In a separate development, the Maldives Zakat House reported a sharp increase in Zakat-al-Mal collections. Revenue for June reached MVR 21.3 million, effectively doubling the MVR 10.6 million collected during the same month last year.
For the second quarter of the year, Zakat collections totalled MVR 34.4 million, a 28.7 per cent increase from 2025. Total collections for the first half of 2026 reached MVR 79.7 million.
The Zakat House noted that it distributed MVR 18.8 million in June alone, with the vast majority—MVR 17 million—allocated to support the poor and needy.
