According to recent statistics from the Ministry of Finance, the Maldives government took a total of eight foreign loans worth MVR 6.2 billion.
Statistics from the Ministry reveal that the largest foreign loan obtained was from the EXIM Bank of India, amounting to USD 140 million (MVR 2.2 billion). One loan was specifically acquired for the purpose of developing police stations and custodial facilities, while the other loan was obtained through a line of credit.
The state also took a USD 111 million (MVR 1.7 billion) external loan for Gulhifalhu reclamation project last year.
Additionally, the state secured an external loan of USD 111 million (MVR 1.7 billion) for the Gulhifalhu reclamation project in the previous year.
In addition to the MVR 6.2 billion in loans taken by the government, it also provided guarantees for five other loans amounting to MVR 7.4 billion. These loan guarantees include the currency swap obtained by the Maldives Monetary Authority (MMA), as well as loans taken by the State Trading Organization (STO), Bank of Maldives (BML), and Maldives Airports Company Limited (MACL).
According to the Ministry's statistics, the total state debt is projected to increase by MVR 46 billion from 2019 to 2023.
The current state debt stands at MVR 108 billion, with MVR 49 billion being external debt and MVR 59 billion being internal debt. This represents a significant 113 percent of the Maldives Gross Domestic Product (GDP).
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