The Minister Finance and Planning, Moosa Zameer has assured the Parliament that the government will not require a supplementary budget to maintain expenditure within this year's fiscal targets, a move that marks a departure from recent practices.
Speaking during the ongoing 2026 budget debate in Parliament on Tuesday, Minister Zameer expressed confidence in the current administration's fiscal management.
The Minister acknowledged that the upcoming year is expected to be the most challenging debt repayment year in Maldives' history. However, he emphasised that the proposed budget for next year has been meticulously crafted with these challenges in mind.
Economists within the Ministry of Finance and the Maldives Monetary Authority (MMA) anticipate that next year's budget will ultimately prove sustainable. In its efforts to bolster revenue without resorting to tax increases, the government is exploring several innovative strategies, he revealed.
"We are looking at an international financial centre in Maldives," Minister Zameer stated, highlighting the potential for leveraging technological advancements.
"And with the changes in the world now using technology to attract investments, some innovative mechanisms like blockchain and tokenization are coming that will help in expanding our economy."
The Minister also indicated a focus on improving the profitability of domestic airports for the state.
Contrasting with past administrations that frequently submitted supplementary budgets, Minister Zameer assured that this year's expenditure would remain within the allocated budgetary framework. This disciplined approach, he stated, will extend to the upcoming budget, with no supplementary provision expected.
He further commented on the previous government's failure to establish a sustainable debt repayment system, acknowledging public concerns, and pledged that the current administration is committed to managing the nation's debt responsibly and sustainably.