Grant assistance the Maldives government received so far in 2025 has observed a staggering 63% decline, reports the Ministry of Finance.
The ministry reported this decline in its latest statistics related to the cumulative state revenues and expenditure, published on Wednesday accounting for the period January 1, 2025 to May 1, 2025.
The statistics showed that the state has earned MVR 13.5 billion in revenues inclusive of grants for the review period, which is a 3.47% increment compared to the same period last year during which the revenues (inclusive of grants) stood at MVR 13.1 billion.
The Maldives government is projecting to secure MVR 39.8 billion in grant assistance in this year’s state budget – but as of now only 34% of the project total has been received with the almost halfway into the year.
As of May 1, the government has received just MVR 81 million in grant assistance which is a 62.8% decline compared to the MVR 219.4 million by the same period in 2024. The government projected to receive MVR 2.59 billion in grant assistance in the first four months of the year, but the government had received just 3.16% of the projected amount.
Tax revenues saw a drop with the state collecting MVR 10.6 billion compared to MVR 10.7 billion in the same period last year – which is a drop of 1.03%. The primary reason for this, the ministry said, was due to commercial banks settling their bank profit tax due this year in advance last year.
The Ministry of Finance however, highlights a jump in tourism-related taxes so far in 2025; which it said was due to further development of the industry and recent reforms related to tourism sector tax rates.