Source document
Four-page summary of the proposed 2027 State Budget from the Ministry of Finance: headline totals, revenue and expenditure detail for 2025 to 2029, balances, financing, debt and nominal GDP, spending by function (COFOG) and the Public Sector Investment Programme (PSIP) by source of funds. Labels are in Dhivehi with English numerals; amounts are in MVR millions.
The 2026 column is headed 'Revised'; 2025 is actual; 2028 and 2029 are projections. Total public debt includes government-guaranteed debt. The 2025 total financing requirement (19,176.7) differs from the 2025 total financing sources (15,753.6) as printed. The PDF (brief.pdf) could not be uploaded from the drafting environment and needs to be attached by an editor.
In GMM's reading, Budget 2027 is the first hard pivot away from a fiduciary abyss of borrowing more to meet old debts. Minister of Finance Hassan Zareer presented its MVR 59.7 billion as the foundation of President Muizzu's 2040 vision; the deficit is set to narrow to 2.6% of GDP by 2029.
By Fathimath Saairaa
