Minister Highlights Fiscal Reforms and Support for Maldivian Enterprises at MSME Awards 2025

Minister of Finance and Planning Moosa Zameer has said the government is working to strengthen a more conducive environment for small and medium enterprises nationwide, emphasising the central role MSMEs play in the Maldives’ economic development.

Minister Zameer delivered an address at the Maldives MSME Awards 2025 on 28 November, outlining the government’s fiscal reforms and its ongoing support for small and medium enterprises. The event, organised by the Business Centre Corporation (BCC) under the Ministry of Economic Development and Trade, recognised outstanding businesses across 24 award categories.

In his remarks, Minister Zameer emphasised the central role of MSMEs in economic growth, job creation, and national revenue, reaffirming the government’s commitment to creating a supportive environment for local enterprises. He highlighted major fiscal improvements achieved under the administration of President Dr Mohamed Muizzu, including the reduction of the fiscal deficit from 9.9 per cent of GDP in 2024 to a projected 5.5 per cent in 2025, managing expenditures within the approved budget without a supplementary budget, and maintaining a budget surplus for 40 consecutive weeks this year. He also noted the repayment of a USD 100 million sovereign bond and the growth of the Sovereign Development Fund, which surpassed USD 100 million in liquid balance for the first time.

The Minister referenced ongoing progress in renewable energy investments, increased fiscal transfers to councils, and the completion of more than 1,300 government projects through state-owned companies. He also outlined structural reforms underway, including the listing of the country’s first conventional sovereign bond on the Maldives Stock Exchange and preparations for a Sharia-compliant listing. Work continues on the Medium-Term Debt Strategy for 2026–2028, along with measures to strengthen external and domestic debt sustainability.

He underscored the government’s policy to enhance Maldivian participation in national development projects. More than 200 contractor-finance agreements valued at MVR 2.7 billion have been awarded to 53 Maldivian contractors. The Minister also reaffirmed plans to increase local involvement in the real estate and construction sectors to ensure that national development more directly benefits Maldivian workers and companies.

Highlighting targeted initiatives for MSMEs, he noted the establishment of a USD 40 million SME Impact Fund with the Islamic Development Bank Group, with the first tranche of USD 10 million now being disbursed through SDFC. Additional reforms—including revised council block grants, improved procurement processes, and upgraded digital payment systems—aim to ease administrative processes and expand economic opportunities for small enterprises.

He congratulated all winners and nominees of the MSME Awards 2025 and reaffirmed the government’s commitment to sound fiscal management and continued support for Maldivian businesses. The event concluded with the presentation of awards to outstanding enterprises from across the Maldives.