MVR 2 billion has been spent on repayment of loans from the state debt so far this year.
Statistics published by the Finance Ministry show that MVR 2.8 billion of the loans taken by the state are to be repaid this year. With a payment of MVR 2 billion, the remaining loans will have to be repaid at MVR 800 million.
While MVR 3.3 billion will have to be spent from the state budget to repay the loans next year, a repayment of MVR 3.6 billion is required the year after that.
The state debt has risen to MVR 100 billion so far. It is expected to further rise to MVR 103 billion by the end of this year. This is 112 percent of the GDP.
In 2026, the state will have to pay the highest amount of debt within a year — a staggering USD 600 million (MVR 9.2 billion). This is primarily due to the repayment of last year’s sukuk, which is worth USD 500 million (MVR 7.7 billion).
