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State debt spike by MVR 1.6 billion in first 3 months

Shahudha Mohamed
12 June 2019, MVT 08:59
Maldives Monetary Authority (MMA) building. Statistics by MMA confirmed that the state's debt increased by MVR 1.6 billion within the first three months of 2019. PHOTO: MIHAARU FILES.
Shahudha Mohamed
12 June 2019, MVT 08:59

Statistics by Maldives Monetary Authority (MMA) confirmed that the state's debt increased by MVR 1.6 billion within the first three months of 2019.

According to the quarterly report publicised by MMA, the state's debt stood at MVR 48 billion at the end of last year and rose to MVR 49.6 by the end of March.

Within this period, foreign debt climbed from MVR 20.3 billion to MVR 20.8 billion -- an increase of approximately MVR 558 million.

Internal debt saw an increase of MVR 1.1 billion, rising from MVR 27.7 billion to MVR 28.8 billion. This increase was due to Treasury Bill (T-Bill) sales.

T-Bills worth MVR 751 million was sold to commercial banks within this period, while MVR 386 million was sold in T-Bills to other financial authorities.

International Monetary Fund (IMF) warned last March that there was a risk of Maldives being unable repay its debts, but also highlighted that financial policies set by the government and MMA were adequate.

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