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Public finance · Quarterly stock

Public and Publicly Guaranteed Debt

Track the total outstanding public and publicly guaranteed debt of the central government, with quarterly changes and a full historical series.

Latest observation · 31 March 2026 · Unit: Maldivian Rufiyaa
Total outstanding MVR 154.85B
▼ 0.1% from Q4 2025 · MVR 148.5M lower
Annual change +5.5% Compared with Q1 2025 ▲ MVR 8.05B
2025 year-end MVR 154.99B 31 December 2025 ▲ 7.0% from end-2024
Since Q1 2015 4.7× Outstanding debt is 373.6% higher
Previous run 16 quarters Consecutive increases before Q1 2026
Historical series

Total outstanding debt

Quarter-end stock · MVR billions

Outstanding debt
The series is a stock measured at the end of each quarter, not the amount borrowed during that quarter.

What the latest data shows

Total public and publicly guaranteed debt stood at MVR 154.85 billion at the end of March 2026. This was MVR 148.5 million lower than the end-December 2025 position, a quarterly decline of 0.1%.

The small decline ended a run of 16 consecutive quarterly increases. Despite the quarter-on-quarter fall, outstanding debt remained 5.5% higher than in March 2025, an increase of MVR 8.05 billion.

Across the full supplied series, the stock rose from MVR 32.70 billion in Q1 2015 to MVR 154.85 billion in Q1 2026. That is an increase of 373.6%.

Recommended CM title: "Public and Publicly Guaranteed Debt" is more precise than "National Debt". The supplied series specifically covers the total outstanding public and publicly guaranteed debt of the central government.

Historical milestones

First quarter at or above each level
MVR 50B Q1 2018 · MVR 50.72B
MVR 100B Q2 2022 · MVR 100.42B
MVR 125B Q4 2023 · MVR 125.95B
MVR 150B Q3 2025 · MVR 150.44B
Year-end comparison

Outstanding debt at each year-end

The current year is excluded when only partial-year data is available.

Recent quarterly observations

QuarterMVR bnQoQYoY
Q1 2026 154.85 -0.1% +5.5%
Q4 2025 154.99 +3.0% +7.0%
Q3 2025 150.44 +1.0% +11.4%
Q2 2025 148.92 +1.4% +14.0%
Q1 2025 146.79 +1.3% +15.5%
Q4 2024 144.88 +7.3% +15.0%
Q3 2024 135.08 +3.4% +12.5%
Q2 2024 130.66 +2.8% +11.4%
Q1 2024 127.04 +0.9% +13.3%
Q4 2023 125.95 +4.9% +17.5%
Q3 2023 120.11 +2.4% +18.6%
Q2 2023 117.30 +4.6% +16.8%
Q1 2023 112.13 +4.6% +13.8%
Methodology

How to read this indicator

The series reports the stock of debt outstanding at the end of each quarter. A quarterly increase or decrease is the difference between two end-of-quarter balances — not gross borrowing, repayments or debt-service expenditure during the quarter.

Quarter-on-quarter and year-on-year changes are calculated by CM from the official total outstanding values. Values are presented in MVR billions for readability.

Scope limitation: The supplied dataset contains only the total outstanding series.
Debt-to-GDP requires a consistent nominal GDP dataset.
Domestic and external shares require separate debt-component series.
Repayment schedules require maturity and debt-service data.
Changes in the stock do not reveal the cause without supporting reports.