Budget Aim
The primary objective of the National Budget 2025 to restore fiscal and debt sustainability. The budget provides the fiscal space to implement the government’s pledges as outlined in the manifesto and the economic reform agenda.
Budget Books and Data
Economic Outlook
This report includes analysis on key macroeconomic indicators their developments in 2024 and the medium-term outlook.
Full Economic OverviewFiscal Policy
This statement highlights the fiscal position and prospects with respect to the fiscal strategy outlined by the Government. It focuses on the main aims of the Budget, trends in expenditure and revenue for 2024, and the related fiscal policies to achieve this. The report also evaluates the fiscal anchors set by historical fiscal strategies and the proposed timelines to achieve these.
Full Fiscal PolicyFiscal Risk Statement
This report consists of a comprehensive analysis of the potential risks to the Budget 2025 with regards to the global and domestic economy, revenue, expenditure, financing, debt, SOEs, local councils, climate change and the financial sector.
Fiscal Risk StatementBudget Summary
Revenue
39,790.0 Million Ruffiyaa
Government Revenue consists of Tax Revenue, Non-Tax Revenue and Grants. The total revenue and grants estimated for 2025 is expected revenue and foreign aid for 2025 is MVR 39.8 billion. Tax revenue is expected to contribute the largest share of government revenue.
Revenue Table
Expenditure
49,178.5 Million Ruffiyaa
Government Expenditure is composed of two main types of expenditures: Recurrent Expenditures (expenses incurred by the Government and provision of public services) and Capital Expenditure (expenditure on infrastructure projects and capital items). The total expenditure is calculated by deducting loan repayments, loan outlays, capital contribution and investments from the total budget. The total government expenditure for 2025 is MVR 49.2 billion.
Expenditure Table
Deficit
9,388.6 Million Ruffiyaa
The overall budget balance is the difference between total revenues and grants, and total expenditure. The overall budget balance is expected to be at a deficit of MVR 9.4 billion due to higher expenditure in comparison with revenues and grants. The primary budget balance is the overall balance after deducting loan servicing costs.
Deficit Table
Classification of Expenditure by Functions of Government
Health
8,251.1 Million Ruffiyaa
A total of MVR 8.3 billion is allocated to the health sector which covers public healthcare provision and financial assistance in accessing healthcare.
Health
Economic Affairs
7,217.8 Million Ruffiyaa
A large portion of the expenditure in this sector is allocated for the Thila-Male’ bridge project, and the development and development of airports across the country.
Economic Affairs
Education
5,404.3 Million Ruffiyaa
The Budget allocated for this sector amounts to MVR 5.4 billion, covering expenses such as salaries of education professionals, student loan schemes and scholarships.
Education
Housing and Community Amenities
5,171.9 Million Ruffiyaa
A priority sector of this budget, amounting to MVR 5.2 billion including funds allocated for housing loan schemes and various housing projects across the country. This sector also includes the council block grants.
Housing
Social protection
3,996.5 Million Ruffiyaa
Expenditures on this function primarily aim to promote an equitable society. This includes pension payments for citizens above 65 years, direct subsidies and aid to those with special needs.
Social Protection
Environmental Protection
2,315.4 Million Ruffiyaa
Expenditures on this function includes waste management, wastewater management, pollution abatement, protection of biodiversity and landscape, among others.
Environmental Protection
Defense, and Public Order and Safety
6,679.3 Million Ruffiyaa
Most of the expenditure in this function is to ensure public safety and comprises of staff-related expenditure.
Defense, Public Order and Safety
General Public Services
8,956.2 Million Ruffiyaa
The 2025 Budget allocates MVR 1.1 billion on the provision of general public services which include expenditure for executive and legislative organs, financial and fiscal affairs, external affairs and general public services.
General Public Services
Recreation, Culture, and Religion
1,186.1 Million Ruffiyaa
MVR 1.2 billion is allocated for recreation, culture, and religion in the Budget 2025.
Recreation, Culture, and Religion
