State debt rise MVR 124.2 bil by Q4-2023

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The central bank of the Maldives | Photo: PSM News

According to the latest updates from the Ministry of Finance, the public and publicly guaranteed (PPG) debt is at a total of MVR 124.2 billion in outstanding.

This figure, rose gradually through 2023 is 115.90% of the Maldivian Gross Domestic Product (GDP).

As per the debt report by the Ministry of Finance for the final quarter of 2023, the external debt of the state stood at MVR 37.4 billion during the review quarter, which rose from MVR 36.1 billion in the preceding Q3-2023; which is a 102.7% total Budgetary Central Government (BCG) debt as a percentage of the GDP, that rose from 96.9%.

Moreover, the total domestic debt also rose to MVR 72.8 billion in the final quarter from MVR 67.9 billion in the previous quarter.

While the BCG external debt as a percentage of the GDP rose from 33.6% to 34.9%, the total for domestic debt as a percentage of the GDP rose from 63.3% to 67.9%.

The ministry further reported a total of MVR 13.8 billion in Sovereign Guaranteed Debt (SGD) for external debt, and another MVR 287.4 million in domestic debt for SGD.

As such, the total external debt for the final quarter was reported at MVR 51.2 billion while the total domestic debt stood at MVR 73.1 billion.

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