Recent Ministry of Finance data reveals that the Maldives has directed MVR 1 billion (USD 64.9 million) towards repaying its state debt in 2024. This allocation accounts for 45% of the total debt obligation, with MVR 2.2 billion (USD 143.8 million) designated for repayment within the fiscal year.
In addition to the principal repayments, a sum of MVR 1.6 billion (USD 103.8 million) has been allocated for interest payments during the same period. The impending interest obligations stand at MVR 5.2 billion (USD 338.5 million), posing a strain on the nation’s finances.
By the end of the first quarter of 2024, the Maldives’ state debt had surged to MVR 126 billion (USD 8.18 billion), primarily attributed to a spike in domestic debt. This surge escalated from MVR 72.8 billion (USD 4.72 billion) to MVR 74 billion (USD 4.80 billion) within the year’s initial three months.
Of particular significance is the looming repayment of MVR 15 billion in 2026, marking the highest repayment in the Maldives’ history.
