Budget 2026 to be Presented to Parliament Tomorrow

The 2026 state budget will be presented to Parliament tomorrow at 2 p.m., as announced by Speaker Abdul Raheem Abdulla during today’s sitting. 

The presentation of the annual state budget is a constitutional requirement and one of the key events in the parliamentary calendar.

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This year’s state budget stands at MVR 56.6 billion — an increase of MVR 1.6 billion from the previous year — while the supplementary budget for 2024 had been approved at MVR 55 billion. 

For the current fiscal year, the government projected MVR 39.8 billion in revenue, including MVR 2.6 billion from unrestricted aid, a figure that many analysts have questioned as overly ambitious.

President Dr Mohamed Muizzu has already outlined several priorities expected to be reflected in the 2026 budget. During a meeting with residents of Funadhoo in Shaviyani Atoll, the President said MVR 3 billion will be allocated for new projects, with education and health as top priorities. He added that the budget will focus on establishing a more compassionate social protection system, to be implemented through local councils.

The President also noted that the 2026 budget will reflect island development goals, incorporating both new and existing projects, as well as pledges made during his visits across the country.

When the state budget was presented to Parliament last year, the housing allocation drew significant attention from the President, government officials, and social media commentators. Although MVR 1.8 billion was allocated for housing projects nationwide, the funds have largely remained unused, and no major housing projects have commenced to date.

According to the Finance Ministry’s weekly fiscal development report, only less than seven percent of the allocated budget has been spent on housing projects under the Public Sector Investment Programme (PSIP).