A draft report complied by the Parliament, on Monday, revealed that Maldives' national debt reached MVR 172 billion till date.
The figures were drafted by a Parliamentary Committee to assess and repay state debt between 2013 and 2018, tabled by Speaker of Parliament Mohamed Nasheed.
However, as the statistics included debt incurred during President Ibrahim Mohamed Solih's administration, the report was touted as an effort to discredit the administration by ruling Maldivian Democratic Party (MDP)'s MP Ibrahim Shareef for Addu City’s Maradhoo constituency.
Lawmaker Shareef's remarks caused further debate within MDP's super-majority backed parliament, with multiple parliamentarians, including Nasheed, defending the report.
- Loans from foreign countries: MVR 13 billion
- Loans from international organizations: MVR 12.9 billion
- Sovereign debt incurred through loans taken by state-owned companies: MVR 41.1 billion
- Unpaid bills by the state: MVR 5.4 billion
- Loans, bonds and treasury bills financed through Maldives Monetary Authority: MVR 7.4 billion
- Treasury bills and bonds sold by the state: MVR 91 billion
- Overdrafts by state-owned companies: MVR 78 million
According to the report, the Ministry of Finance had kept the records of the proceedings. However, it noted that certain companies that acquired loans through sovereign guarantees had failed to consistently provide quarterly reports to the ministry.
The report further highlighted that the largest debt collected by a state-owned company was by the Housing Development Corporation, which was responsible for the development of 7,000 housing units in Phase Two of reclaimed suburb Hulhumale', financed through a loan by the Industrial and Commercial Bank of China Limited.
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