According to statistics released by the Ministry of Finance, the Maldives’ total Public and Publicly Guaranteed (PPG) Debt has reached MVR 118.9 billion. This figure includes government debts and those the government holds responsibility for through sovereign guarantees.
As of September 2023, the Maldives’ public debt, inclusive of public guaranteed debt, has escalated to 110.9 per cent of the Gross Domestic Product (GDP).
An analysis of the data reveals that the ‘per capita debt’ stands at approximately MVR 227,812, as per the most recent census figures.
Breaking down the debt further, recent statistics highlight that the government’s external debt stands at MVR 50.9 billion, while domestic debt is recorded at MVR 66.3 billion.
Examining the borrowing trends, it is evident that the government procured substantial loans in response to the challenges posed by the COVID-19 pandemic in 2020. During this period, the government secured over USD 92 million in COVID emergency support funds. The direct government debt now stands at MVR 103.6 billion, comprising MVR 14.7 billion as buyer’s credit, MVR 6.9 billion from multilateral sources, MVR 5 billion from bilateral sources, MVR 7.7 billion from others, and MVR 1.5 billion from private enterprises.
The debt for which the government bears responsibility through sovereign guarantees is recorded at MVR 15.2 billion, while government subsidiary loans amount to MVR 10.9 billion. These figures collectively paint a comprehensive picture of the financial landscape, reflecting the economic realities faced by the nation.