The government has spent MVR 65 million on debt repayments in the first two weeks of 2022.
According to the statistics published by the finance ministry, this amount was paid in the first week of 2022. Moreover, MVR 2.8 million will be spent on debt repayments in 2022.
Public debt is set to reach a record MVR 102 billion this year which is 117 percent of the national GDP compared to 103 percent of last year.
Furthermore, due to the nearing bond maturity of the Sunny Side Bond taken under former President Yameen’s administration, the government is also set to repay the remaining MVR 894 million of the bond this year.
Maldives Monetary Authority (MMA) has warned the government about the rising debt levels and advised the government to manage the expenses.