Maldives braced to spend record MVR 3.7bn on fuel subsidies to keep electricity costs down

Maldives’ spending on fuel subsidies is expected to reach a record high of MVR 3.7 billion by the end of this year, in a bid to keep electricity costs down amid the rise in global fuel prices due to the ongoing conflict in the Middle East.

The projection was shared by Finance Minister Hassan Zameer while presenting a proposed state budget of MVR 59.7 billion for next year at the Parliament on Thursday afternoon.

2027 budget highlights:

• Budget: MVR 59.7 billion
• Expenditure: MVR 52.6 billion
• Revenue and grants: MVR 43.2 billion
• Budget deficit: MVR 9.4 billion

To be updated….