Total state debt rose to MVR 126 billion by the end of Q1 2024, up from MVR 124.8 billion at the end of 2023, driven mainly by domestic market borrowing. Debt as a share of GDP fell to 110 percent from 116 percent, while the 2024 National Budget projects total debt of MVR 131 billion by year-end.
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Total state debt rose to MVR 126 billion as of the end of the first quarter (Q1) of this year, according to data released by the Ministry of Finance.
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while it stood at MVR 124.8 billion at the end of last year, debt increased by MVR 1.4 billion over the first three months of 2024.
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debt increased by MVR 1.4 billion over the first three months of 2024.
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Domestic debt was at MVR 74 billion in Q1 — the figure remained at MVR 72.8 billion at the beginning of the year.
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Earlier reports gave MVR 66.3 billion 19 Nov, 18:23 Maldives RepublicUSD 42 billion 30 Jun, 14:01 Maldives Republic
Domestic debt was at MVR 74 billion in Q1 — the figure remained at MVR 72.8 billion at the beginning of the year.
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Earlier reports gave MVR 66.3 billion 19 Nov, 18:23 Maldives RepublicUSD 42 billion 30 Jun, 14:01 Maldives Republic
Total external debt which stood at MVR 38 billion at the beginning of the year, remained unchanged, data shows.
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Earlier reports gave MVR 50.9 billion 19 Nov, 18:23 Maldives Republic
While direct borrowing totalled MVR 112 billion, sovereign guarantees accounted for MVR 14 billion of debt.
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Sovereign guarantees decreased by around MVR 170 million since the year began.
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State debt as a percentage of GDP fell 6.4 percent from at the beginning of the year and is currently at 110 percent.
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State debt as a percentage of GDP fell 6.4 percent from at the beginning of the year and is currently at 110 percent.
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At the end of last year, the figure stood at 116 percent of GDP.
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The 2024 National Budget estimates that total debt will reach MVR 131 billion by the end of the year, which is 114 percent of the country's GDP.
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The 2024 National Budget estimates that total debt will reach MVR 131 billion by the end of the year, which is 114 percent of the country's GDP.
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