South Hulhumalé MP Dr. Ahmed Shamheed has warned that the government’s proposed MVR 64.2 billion budget could lead to a sharp fall in the value of the Maldivian Rufiyaa if passed without changes.
During parliamentary debate on the 2026 budget, Shamheed expressed concern that the government may fail to raise the required MVR 26 billion for next year.
He cautioned that this could force the government to print more money, causing the Maldivian Rufiyaa to lose value, and noted that recurrent expenditure for next year has increased by MVR 8 billion.
The Finance Minister outlined that the government plans to raise MVR 16.8 billion from foreign loans and securities, MVR 5 billion from the domestic market, and MVR 4.2 billion from the Sovereign Development Fund. Of the external funds, MVR 6.9 billion will be used for sukuk refinancing and MVR 4.5 billion for budget support. The Sovereign Development Fund, which currently holds MVR 1.5 billion, will also be used to repay loans.
During parliamentary debate on the 2026 budget, Shamheed expressed concern that the government may fail to raise the required MVR 26 billion for next year.
He cautioned that this could force the government to print more money, causing the Maldivian Rufiyaa to lose value, and noted that recurrent expenditure for next year has increased by MVR 8 billion.
The Finance Minister outlined that the government plans to raise MVR 16.8 billion from foreign loans and securities, MVR 5 billion from the domestic market, and MVR 4.2 billion from the Sovereign Development Fund. Of the external funds, MVR 6.9 billion will be used for sukuk refinancing and MVR 4.5 billion for budget support. The Sovereign Development Fund, which currently holds MVR 1.5 billion, will also be used to repay loans.
