Ministry of Finance revealed that the government took five major loans between January and September 2019, amounting to a total of MVR 8.2 billion (USD 530.1 million).
As per the statistics, the largest proportion of the aforementioned loans were withdrawn from India's Export Import Bank (EXIM) Bank. The state acquired the MVR 7.7 billion (USD 500 million) loan in March 2019.
Other loans include a MVR 77 million agreement (USD 5 million) with the Asian Development Bank (ADB), two MVR 154 million (USD 10 million) loans from the International Development Association (IDA) as well as an MVR 78.6 million (USD 5.1 million) from the same association.
During this nine-month period, the government accrued a debt of MVR 51 billion, of which MVR 21 billion is external debt while MVR 29.9 billion is internal debt.
Reduction of national debt was a key electoral pledge of President Ibrahim Mohamed Solih.
The MVR 26 billion debt recorded in 2013 at the beginning of former President Abdulla Yameen Abdul Gayoom's government was at MVR 48 billion at the conclusion of his term.