With the debt collected within the first three months of this year, the state debt has risen to MVR 99 billion.
Statistics published by the Finance Ministry show that the state debt increased by MVR 4.3 billion compared with the end of last year. This includes loans and sovereign guarantees taken by the government during the first three months of 2022.
The country's debt increased by a high margin due to the increase in loans taken by the government to finance expenditure and carry out developmental projects. The state collected an additional MVR 4.8 billion in loans during the period.
The state debt stood at MVR 85 billion, excluding sovereign guarantees. Of this, foreign debt stood at MVR 33 billion and domestic debt stood at MVR 52 billion.
The total external debt including loans and sovereign guarantees amount to 46 billion and domestic debt is 56 billion
The total government debt as a percentage of GDP fell by 97 percent at the end of the first quarter of of this year from 104 percent by the end of 2021. State debt has decreased due to the economic growth of the country in the past three months. The Maldivian GDP currently stands at MVR 87 billion. By the end of last year, the figure was MVR 10 billion lower.
MMA predicts that state debt is expected to increase to MVR 103 billion this year. This is 112 percent of GDP.
Maldives debt is not in accordance with the state's accountability act. According to the law, the Maldivian debt must be below 60 percent of GDP.
MMA has estimated that state debt will increase by 9.6 percent this year.