President Dr Mohamed Muizzu has announced that the Government will close the fiscal year without submitting a supplementary budget for the first time since 2020.

He made the remarks at the Rayyithunnaa Eku Kuriah – Hafthaa 104 function held at the Maldives Centre for Social Education (MCSE), commemorating the Administration’s second anniversary.

The President highlighted that this year’s budget records the smallest deficit since 2020 and reaffirmed that the overall deficit will remain below the approved MVR 9.4 billion. He noted that the first 40 weeks of the fiscal year had passed without incurring a deficit, demonstrating the Administration’s commitment to prudent fiscal management.

Detailing key financial achievements, President Dr Muizzu emphasised the significant strengthening of the Sovereign Development Fund (SDF). In this regard, he highlighted that when his Administration assumed office on 17 November 2023, the SDF held USD 2 million and MVR 2.4 million, adding that in contrast, two years later the SDF stands at USD 126 million as of 17 November 2025.

He further explained that, as a result of the Administration’s decisive measures, businesses had exchanged USD 584 million with banks by the end of October this year, contributing to an increase in the nation’s gross reserves to USD 866 million.

The President noted that these achievements were realised while settling MVR 444.3 million in unpaid bills inherited from previous administrations. He emphasised that this was accomplished without resorting to quantitative easing and fully in accordance with the law and relevant regulations.

Addressing pay harmonisation, President Dr Muizzu stated that upcoming salary disbursements will reflect the increments under the new framework. He added that the National Pay Commission had consulted with all government offices and resolved the concerns that were raised.

The President also highlighted that the pay harmonisation has more than doubled the previous minimum basic salary, increasing it from MVR 3,100 to MVR 7,530. At the same time, the basic salary of an Administrative Officer has been increased from MVR 5,610 to MVR 9,110 – a 63 per cent increase – while the basic salary of a Muezzin (Mudhim) has increased by 133 per cent from MVR 3,565 to MVR 8,295.

On overtime pay, the President stated that the primary concern has been addressed, with public holidays, the last ten days of Ramadan, and holidays declared by the President’s Office now exempt from the overtime cap.

The President underscored the importance of long-term, sustainable national development supported by legislation. He noted that consultations on the 20-year National Development Plan have been conducted with residents of all inhabited islands and that the first draft is expected to be completed by February next year.