MaldivesAnalytics
MARKET INTELLIGENCE
Public finance OFFICIAL SERIES

Fiscal space is the story

Understand the debt load, fiscal balance, and government spending behind the headlines.

KEY READ122.7% debt / GDP

Q2 2026, -2.1pp on a year earlier. Interest took 13.0% of revenue in 2025. To 15 Oct 2026 the government spent ⃂36.4bn, 74% of its ⃂49.2bn budget, with a deficit of ⃂4.5bn. MIRA collected ⃂27.7bn to Sep 2026 (+8.8%).

DATA COVERAGE1986 — 2026

Annual series from the Statistical Pocketbook 2026, with monthly and daily series synced from the MMA and the Ministry of Tourism.

SOURCENSO · MMA

Official statistics, with live series from the MMA Statistics API.

EXPLORE GROUPS

Choose a lens

12 charts in this view
TIME SERIES
Latest · 15 Oct 2026
How much of the budget is used

Share of the approved budget collected or spent · % · year to date, 15 Oct 2026, vs the same date last year · Ministry of Finance

20262025
TIME SERIES
Latest · 15 Oct 2026
The year so far

Cumulative revenue and spending · ⃂ billions · 2026 vs 2025, same dates · weekly · Ministry of Finance

Revenue 2026Revenue 2025Spending 2026Spending 2025
TIME SERIES
Annual · 2025
Debt remains the core risk

Public debt at year end and overall fiscal balance · % of GDP · MMA

DebtBalance

No 2026 figure yet · next release expected Sep 2027

TIME SERIES
Latest · Sep 2026
Where tax revenue comes from

Revenue collected by MIRA, selected taxes · ⃂ billions · per year

GST tourismGST otherProfit taxesGreen taxLand rent
TIME SERIES
Latest · Sep 2026
Revenue collected each month

Total revenue collected by MIRA · ⃂ millions · last 24 months to Sep 2026

Revenue
TIME SERIES
Delayed · 29 Aug 2026
Weekly collections

Revenue collected by MIRA per week · ⃂ millions · last 26 weeks (week ending)

Revenue
TIME SERIES
Annual · 2025
Interest is eating revenue

Interest payments as a share of government revenue (excluding grants) · % · MMA

Interest

No 2026 figure yet · next release expected Sep 2027

TIME SERIES
Quarterly · Q2 2026
Who the debt is owed to

External and domestic public debt, stacked to the total · % of GDP · quarterly · MMA

ExternalDomestic
TIME SERIES
Quarterly · Q2 2026
Borrowed directly, or guaranteed

Public debt by who borrowed: the government itself, or companies it guarantees (mostly SOEs) · ⃂ billions · quarterly · MMA

Domestic, governmentDomestic, guaranteedExternal, governmentExternal, guaranteed
TIME SERIES
Annual · 2025
Spending runs ahead of revenue

Government revenue (excluding grants) and expenditure · % of nominal GDP · MMA

RevenueSpending

No 2026 figure yet · next release expected Sep 2027

TIME SERIES
Latest · Jul 2026
The monthly budget

Revenue & grants vs expenditure · ⃂ millions · last 12 months · MMA

RevenueSpending
TIME SERIES
Quarterly · Q2 2026
The latest debt reading

Public and publicly guaranteed debt · % of GDP · quarterly · MMA

Debt
DEBT IN DETAIL

Who holds it, and who lends

DOMESTIC DEBT
Delayed · Jun 2026
Who holds the domestic debt

Central government domestic borrowing by holder · Jun 2026 · MMA

ValueShareYoY
Commercial banks⃂43.6bn45%+24%
Other financial institutions (incl. pension fund)⃂32.1bn33%+4%
Central bank (MMA)⃂14.0bn15%-1%
State-owned companies⃂6.1bn6%+25%
Private sector⃂386m0%-34%
Total⃂96.2bn100%
EXTERNAL DEBT
Quarterly · Q2 2026
Who the government owes abroad

Central government external debt by kind of lender · Q2 2026 · MMA

ValueShareYoY
Buyers' credit (export credit)$1.29B54%+5%
Multilateral (World Bank, ADB, IsDB…)$541M23%+10%
Bilateral (other governments)$455M19%+14%
Debt securities (bonds, sukuk)$100M4%-83%
Total$2.39B100%