COLOMBO, March 25 (Xinhua) -- The Maldives reported a budget surplus this year, with state revenue surpassing spending, as the administration's economic reform plan takes effect, PSM News, the Maldives' state media, reported on Tuesday.

Quoting the Ministry of Finance and Planning's Weekly Fiscal Development Report, the report said that the state revenue for the year up to March 13 reached 505.8 million U.S. dollars, with expenditure at 421.5 million dollars.

This marks a 5.4 percent increase from 479.9 million dollars in revenue during the same period last year. Expenditure during this period was 16 percent lower than last year's 505.8 million dollars.

The increase in revenue over expenditure reflects the government's ongoing economic reforms and austerity measures aimed at improving the country's financial position, the PSM said.

The Maldives' credit ratings fell last year, prompting the government to take several steps to bolster revenue. The Maldivian government's usable reserves stood at 63.2 million dollars at the end of 2024. Enditem

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