The administration of President Dr Mohamed Muizzu is undertaking what it calls decisive steps toward fiscal stability through disciplined expenditure management and a sustained budget surplus, Minister of Finance and Planning Moosa Zameer said. For the first time since 2021, government spending has remained within the approved budget, eliminating the need for supplementary allocations.
At the Maldives MSME Awards 2025, Minister Zameer reported that the surplus has been maintained for 40 consecutive weeks, a result he attributed to strengthened cash flow oversight, reductions in non‑essential spending such as travel and repair costs, and the timely servicing of debt. He projected that debt as a share of Gross Domestic Product will decline from 9.9 percent in 2024 to 5.5 percent by year‑end, noting that the Sovereign Development Fund has surpassed USD 100 million for the first time, creating a reserve against future crises.
He said the government is reinforcing the fiscal framework through the National Fiscal Responsibility Act and the National Debt Act, while developing a medium‑term debt strategy. A central element of the approach is a shift toward value addition and Maldivian craftsmanship, with Micro, Small, and Medium Enterprises recognised as critical drivers of growth. To strengthen domestic capacity, 53 companies have been awarded more than 200 projects worth USD 175.10 million, alongside a USD 40 million SME Impact Fund with the Islamic Development Bank Group. Minister Zameer concluded that MSMEs must remain the primary beneficiaries of national progress, supported by investment in digitalisation, infrastructure, and skills.