Ministry of Finance records show the government secured a €50 million (MVR 844 million) budget support loan from an undisclosed private entity, amid a MVR 14.1 billion deficit in the 2023 state budget. State debt stands at MVR 108 billion, 113% of GDP, up MVR 46 billion from 2019, while only eight percent of projected grants has been received.
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The 2023 state budget, totalling MVR 42.6 billion, carries a deficit of MVR 14.1 billion.
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The 2023 state budget, totalling MVR 42.6 billion, carries a deficit of MVR 14.1 billion.
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Throughout this year, the government has already procured loans amounting to MVR 1.3 billion.
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This includes a USD 34 million (equivalent to MVR 250 million) loan facilitated by the International Development Association.
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While the budget anticipates MVR 2.4 billion in grants, only a mere eight percent (MVR 214 million) of this projection has been received so far.
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While the budget anticipates MVR 2.4 billion in grants, only a mere eight percent (MVR 214 million) of this projection has been received so far.
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The outstanding 91% of the projected grants are yet to materialise.
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Additionally, the government has expended a total of MVR 1.4 billion on loan servicing.
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For the year 2023, there is a mandatory repayment obligation of MVR 2.1 billion.
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As a result, the current state debt stands at MVR 108 billion, reflecting a substantial increase of MVR 46 billion from the debt documented in the 2019 balance sheets.
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As a result, the current state debt stands at MVR 108 billion, reflecting a substantial increase of MVR 46 billion from the debt documented in the 2019 balance sheets.
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This debt amounts to 113% of the current GDP.
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Records from the Ministry of Finance have revealed that the government has secured a €50 million loan (equivalent to MVR 844 million) from a private entity to provide budgetary support.
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