Ministry of Finance and Planning

What Ministry of Finance and Planning does

The Ministry of Finance and Planning (legally "Ministry of Finance and Public Enterprises") is the central fiscal authority of the Republic of Maldives, headquartered at Ameenee Magu, Block 379, Male'. It is a government ministry with 101-250 employees, operating under the Public Finance Act 2006 and the Fiscal Responsibility Act 2013, with an exclusive statutory mandate to formulate and implement fiscal and debt policy, compile the national budget, submit Government Financial Statements to the People's Majlis, and manage government assets. Its 2026 proposed budget totals MVR 64.2 billion, with MVR 49.2 billion in expenditure, MVR 40.4 billion in revenue and grants, and a MVR 8.8 billion deficit (7.1% of GDP). The Ministry also monitors 32 state-owned enterprises through the Privatization and Corporatization Board, including material shareholdings in Bank of Maldives (50.80%), State Trading Organization (81.63%), and Maldives Transport and Contracting Company (64.20%).

The Ministry's technology backbone is an SAP-based Public Accounting System (PAS) that supports the full financial management cycle from planning and budgeting through reporting and review, supplemented by the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) for sovereign debt operations. Citizen and vendor-facing services are delivered through the Bandeyri digital ecosystem: Bandeyri Pay, Bandeyri Vendor Service, Bandeyri Portal (eGov), Neelan Portal, the Public Finance Regulation Reader, an e-Government Procurement (e-GP) system, and a National Tender System. Statutory boards under the Ministry include the National Pay Commission (est. 2016), National Tender Board, Procurement Appeal Board, Procurement Policy Board, and the State Internal Audit Committee (est. 2017, formally constituted 28 February 2019).

The Ministry is not a commercial revenue-generating entity; it is funded through the national budget and serves the Government of Maldives, 32 SOEs, government ministries and departments, the People's Majlis, and the citizens of the Maldives. It maintains core partnerships with the World Bank, Asian Development Bank, Asian Infrastructure Investment Bank, IMF, USAID, Islamic Development Bank, Saudi Fund for Development, Abu Dhabi Fund for Development, Kuwait Fund, European Investment Bank, EXIM Bank of China, EXIM Bank of India, OPEC Fund, Agence Française de Développement, Japan Bank for International Cooperation, Government of India, and the Nordic Development Fund, alongside strategic coordination with the Maldives Monetary Authority, MIRA, and Maldives Customs Service.

Name

Ministry of Finance and Planning

Legal name

Ministry of Finance and Public Enterprises

Website

https://finance.gov.mv

Company type

Private

Operating status

Operating

Headcount range

101–250 employees

Short description

The Ministry of Finance and Planning is the central fiscal authority of the Republic of Maldives, responsible for formulating fiscal and debt policy, compiling the national budget, managing sovereign debt, and overseeing 32 state-owned enterprises. It serves the Government, parliament, SOEs, and the citizens of the Maldives via SAP-based financial systems and digital Bandeyri portals.

Ownership category

akta.pro rank

Product category

Public Finance Management

NAICS

Public Finance Activities (921130), Executive, Legislative, and Other General Government Support (921), International Affairs (92812)

SIC

Finance Services (6199), Foreign Governments (8888), International Affairs (9721)

akta.pro industry

PRIMARYBPAIAEAA

Budgeting & Fiscal Planning

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYBPAIAEAB

Treasury & Cash Management

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYBPAIAEAC

Public Debt Management

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYBPAIAEAD

Government Accounting & Financial Reporting

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYBPADAOAG

Budget Support & Policy-Based Lending/Grants

Business & Public Services/International Organizations & Development/Donor Coordination, Grantmaking & Development Finance Programs

Keywords

• Public finance management
• Fiscal policy
• Government budgeting
• Sovereign debt management
• Treasury operations

Headquarters

HQ city

Male

HQ country

Maldives

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Tax Revenue: Income tax (25% for banks, progressive rates for individuals 0-15%), Goods and Services Tax (8% general, 17% tourism), Import duties, Green Tax
2. Tourism Land Rent: Revenue from leasing land for tourist establishments based on land area and geographic location
3. SOE Dividends: Dividends received from State Owned Enterprises from annual profits
4. Airport Taxes and Fees: Departure tax and airport development fee charged based on class of travel

Distribution channels3 records

Marketing channels4 records

Core offering

The Ministry of Finance and Planning is the central fiscal authority of the Republic of Maldives, responsible for formulating and implementing fiscal and debt policy, compiling the national budget, managing treasury operations and sovereign debt, overseeing 32 State-Owned Enterprises, and administering revenue policy. It provides digital government services to citizens, vendors, and other agencies through platforms including Bandeyri Pay, Bandeyri Vendor Service, the Bandeyri and Neelan e-government portals, an SAP-based Public Accounting System, CS-DRMS for debt management, and an E-Government Procurement system.

Product overview

The Ministry of Finance and Public Enterprises operates a platform of digital government services focused on public financial management. The core offerings include the SAP-based Public Accounting System (PAS) for integrated financial management, the Bandeyri Portal ecosystem (Bandeyri Pay, Bandeyri Vendor Service) for payments and vendor management, and dedicated portals for budget information (budget.gov.mv) and public finance regulation (pfr.finance.gov.mv). The Ministry also manages an e-Government Procurement system and National Tender System for procurement activities. These interconnected digital platforms support the Ministry's mandate of formulating fiscal policy, managing the national budget, treasury operations, debt management, and oversight of state-owned enterprises.

Differentiator

Problem solved

Functional benefit

Products and services

• Bandeyri Pay

Quantifiable outcome

• Budget 2026: MVR 64.2 billion total, MVR 49.2 billion expenditure, MVR 40.4 billion revenue
• +1 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core.

• Maldives Monetary AuthoritycoreStrategic or Co-development PartnerCentral bank partner for financial sector coordination. Jointly organized Maldives Financial Expo 2026 and Maldives Financial Sector Awards to promote financial inclusion, literacy, and innovation.
• Maldives Inland Revenue Authority (MIRA)coreStrategic or Co-development PartnerResponsible for collecting and implementing inland taxes including income tax, GST, and other revenue.
• Maldives Customs ServicecoreStrategic or Co-development PartnerResponsible for collecting customs duties and fees.
• Privatization and Corporatization Board (PCB)coreStrategic or Co-development PartnerMonitors and evaluates all majority and minority shareholding companies of the Government. Led by President Mohamed Nizar.

Scale indicators10 records

Recent moves6 records

Expansion highlights10 records

Direct peers

• Privatization and Corporatization Board of Maldives (PCB): Statutory board that monitors and evaluates all government shareholding companies. Wholly aligned with the Ministry's mandate and currently part of its governance structure, making it a direct institutional peer in SOE oversight.

Others

• U.S. Department of the Treasury: U.S. equivalent finance authority responsible for fiscal policy, budget execution, and federal debt. Comparable function to the Maldives Ministry, though operating at vastly greater scale and with monetary-fiscal institutional separation.
• HM Treasury (United Kingdom): UK's economic and finance ministry with mandate over budget, fiscal policy, and debt management. Comparable in core function (national budgeting, fiscal rule framework, sovereign debt issuance) although it operates a far larger economy and issues a global reserve currency.
• Oracle Government / Public Sector: Alternative ERP/financial-management vendor commonly deployed by national finance ministries. Comparable vendor category to SAP, and a potential substitute/competitor in future PFM platform decisions.
• International Monetary Fund (IMF): Provides fiscal policy guidance, technical assistance, and fiscal transparency evaluations to the Maldives Ministry. Not a peer in the operating sense, but its Article IV consultations and TA missions directly shape the Ministry's reform agenda and benchmarks.
• SAP Public Services: Provider of the SAP-based Public Accounting System (PAS) that underpins Maldives' end-to-end PFM cycle. Enables the Ministry's digital backbone rather than competes with it; a key technology vendor.

Broad incumbents

• Maldives Monetary Authority: The Maldives central bank, a core partner of the Ministry on monetary-fiscal coordination, financial inclusion, and debt sustainability. Adjacent rather than competitive; co-organized the Maldives Financial Expo 2026 with the Ministry.
• Maldives Inland Revenue Authority (MIRA): MIRA administers Maldives' income tax, GST, and other inland revenues on behalf of the Ministry. Closely linked to the Ministry and operates as the operational tax-collection arm — making it a sister agency rather than competitor, but the most direct functional peer in revenue administration.

Regional players

• Ministry of Finance, India: India's central finance ministry handling union budget, fiscal policy, and external debt management. Shares the South Asian regional context with Maldives and engages with many of the same multilateral partners, providing a relevant comparable for reform trajectory.
• Ministry of Finance, Singapore: Singapore's finance ministry is widely regarded as a regional PFM and digital-government leader. Comparable in its emphasis on tech-enabled fiscal management and small-state efficiency, making it a natural reform benchmark for Maldives.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mofmv
• Facebookfacebook.com/finance.gov.mv
• LinkedInlinkedin.com/company/financemv

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ministry of Finance and Planning