The statistics published by the Ministry of Finance states that Maldives’ debt peaked at MVR 86.5 billion by the end of last year.
The total debt of MVR 86.5 billion included MVR 44 billion in domestic debt and MVR 42.5 billion in external debt.
The total public and publicly guaranteed external debt were at 76% of the GDP, while the total public and publicly guaranteed domestic debt were at 73% of the GDP.
National debt was at MVR 48.6 billion by the end of 2018 and increased up to MVR 67.9 billion by the end of 2019, before spiking to a whopping MVR 86.5 billion.
Government’s spending during the pandemic is considered to be the major factor behind the surge in debt along with the halt of tourist arrivals and considerable revenue during border closure last year.