Domestic Debt Increased More Than MVR 11 Billion Over Past Year

The Mohamed Muizzu administration borrowed over MVR 11 billion from the domestic market in the past year, raising total T-bill and bond debt from MVR 77.3 billion (20 Nov 2023) to MVR 88.8 billion (18 Nov 2024). 99% of the increase came domestically, with MVR 11.4 billion added. T-bill debt grew by MVR 3.8 billion, bond debt by MVR 3.6 billion, and Islamic instruments by over MVR 1 billion. USD securities added MVR 2.9 billion. Foreign market debt increased by only MVR 12 million. The Maldives Monetary Authority and the Auditor General's Office expressed concern about the state's increased exposure with commercial banks, reducing funds available to businesses. Domestic borrowing exceeded the National Budget 2024 target of MVR 3.9 billion.

The Mohamed Muizzu administration borrowed over MVR 11 billion from the domestic market in the past year, raising total T-bill and bond debt from MVR 77.3 billion (20 Nov 2023) to MVR 88.8 billion (18 Nov 2024). 99% of the increase came domestically, with MVR 11.4 billion added. T-bill debt grew by MVR 3.8 billion, bond debt by MVR 3.6 billion, and Islamic instruments by over MVR 1 billion. USD securities added MVR 2.9 billion. Foreign market debt increased by only MVR 12 million. The Maldives Monetary Authority and the Auditor General's Office expressed concern about the state's increased exposure with commercial banks, reducing funds available to businesses. Domestic borrowing exceeded the National Budget 2024 target of MVR 3.9 billion.

The Mohamed Muizzu administration borrowed over MVR 11 billion from the domestic market in the past year, raising total T-bill and bond debt from MVR 77.3 billion (20 Nov 2023) to MVR 88.8 billion (18 Nov 2024). 99% of the increase came domestically, with MVR 11.4 billion added. T-bill debt grew by MVR 3.8 billion, bond debt by MVR 3.6 billion, and Islamic instruments by over MVR 1 billion. USD securities added MVR 2.9 billion. Foreign market debt increased by only MVR 12 million. The Maldives Monetary Authority and the Auditor General's Office expressed concern about the state's increased exposure with commercial banks, reducing funds available to businesses. Domestic borrowing exceeded the National Budget 2024 target of MVR 3.9 billion.

This story involves 1 source and may affect public understanding of domestic debt / fiscal policy.