Two-month deadline to propose projects for next three years with a MVR 2.5M budget cap

The Maldivian government has directed ministries and government institutions to earmark MVR 2.5 billion for new projects and initiatives within the projected budget framework for the next three years, with a two-month deadline to submit proposals for new projects, alongside recommendations to increase state revenue.

According to a circular signed by Finance Minister Hassan Zareer, the Finance Ministry has begun the initial phase of preparing the medium-term budget for the 2027–2029 period. This stage focuses on identifying new program, activities and development projects for inclusion in future fiscal plans.

The circular states that government institutions are required to submit proposals for projects planned between 2027 and 2029, while also identifying areas that may require additional budget allocations. It further specifies that all proposed initiatives must be aligned with the government's manifesto commitments and the development agenda pledged by President Dr. Mohamed Muizzu to support effective policy implementation.

In addition to proposing new projects, the Finance Ministry has called on institutions to identify opportunities to increase state revenue over the medium term and recommend potential policy reforms to strengthen fiscal sustainability.

The government is also seeking to develop a more climate-resilient budgeting framework. To support this objective, institutions have been instructed to clearly indicate whether proposed projects are linked to climate change adaptation or mitigation efforts.

Under the circular, all ministries and state agencies are required to submit their detailed project proposals through the Bandeyri Portal by no later than 14:00 on August 18.

The budget planning process comes amid public scrutiny over the pace of major development projects under the administration of President Muizzu. Although last year's budget placed significant emphasis on housing initiatives, the year concluded without the launch of major new projects. The administration continues to face the challenge of managing substantial debt obligations and loan repayments inherited from previous administrations.