Wednesday, May 25, 2022
DhiDaily - English Edition
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި
No Result
View All Result
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި
No Result
View All Result
DhiDaily - English Edition
No Result
View All Result

Public Debt Expected to Reach MVR 79 Billion by End of 2021

Adam Ahid by Adam Ahid
August 24, 2021
0
Public Debt Expected to Reach MVR 79 Billion by End of 2021
0
SHARES
12
VIEWS

The public debt stood at MVR 67 billion at the end of 2020 and is predicted to rise to MVR 79 billion by the end of this year, the finance ministry said on Tuesday.

According to the finance ministry’s Fiscal and Debt Strategy Report, the public debt stood at MVR 67 billion, or 115 percent of GDP, at the end of last year, and is predicted to climb to MVR 79 billion, or 128 percent of GDP, by the end of 2021.

The report also showed that the external (foreign) debt totaled MVR 38 billion, while internal debt stood at MVR 41 billion.

The finance ministry attributes the massive increase in public debt on the COVID-19 pandemic, which dramatically affected the country’s revenue and economic progress.

The state debt has climbed by MVR 23 billion during the preceding five years, according to figures. In 2017, the public debt totaled MVR 44 billion, with external (foreign) debt being MVR 17 billion and internal debt totaling MVR 27 billion.

The finance ministry expects that the country’s GDP would grow by 15% by the end of 2021, despite a large increase in public debt.

The Export-Import Bank of China is responsible for the majority of external (foreign) debt, accounting for 38%, according to figures from the finance ministry. Bilateral loans account for 21% of total external debt, while multilateral loans account for 25% of total external debt.

The report also proposed measures for dealing with the debt crisis, including keeping external (foreign) debt below 70% of overall debt, cutting the average interest rate to 3% while extending loan grace periods by 8 years, and keeping annual debt owing at 30% of GDP.

Tags: Fiscal and Debt Strategy ReportMinistry of Finance

Related Posts

Vinares Flats to be Handed Over to HDC in July
Local

Vinares Flats to be Handed Over to HDC in July

May 25, 2022
Government Withdraws Amendment to Reduce Tourism Land Rent 
Business

Government Withdraws Amendment to Reduce Tourism Land Rent 

May 25, 2022
MIRA Earns MVR 2 Billion in Tax Revenue in December
Business

MIRA Publishes Names of Resorts on Land Rent Defaulters’ List

May 25, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
The Power of Women’s Leadership, A Powerful Economy

The Power of Women’s Leadership, A Powerful Economy

March 14, 2021
Fire Breaks Out in Vakkaru Resort

Fire Breaks Out in Vakkaru Resort

December 14, 2021
The Defining Challenge & Scandal of Solih's Gov't

COVID-19 & Ventilators: The Defining Challenge & Scandal of Solih’s Gov’t

March 28, 2021
Investigative Journalism is Dead Upon Arrival

Investigative Journalism is Dead Upon Arrival

April 7, 2021
Speaker Nasheed Undergoes Multiple Successful Surgeries

“I Will Not Compete Against President Solih” – Nasheed

1
Cat Strangling Video Receives Backlash

Cat Strangling Video Receives Backlash

1
UK Prime Minister Boris Johnson Reveals His Cautious Lockdown Easing Plan

UK Prime Minister Boris Johnson Reveals His Cautious Lockdown Easing Plan

0
Nasheed Expresses His Concerns and Seeks To Find Answers Regarding The One Room Apartment Project

Nasheed Expresses His Concerns and Seeks To Find Answers Regarding The One Room Apartment Project

0
Vinares Flats to be Handed Over to HDC in July

Vinares Flats to be Handed Over to HDC in July

May 25, 2022
Government Withdraws Amendment to Reduce Tourism Land Rent 

Government Withdraws Amendment to Reduce Tourism Land Rent 

May 25, 2022
MIRA Earns MVR 2 Billion in Tax Revenue in December

MIRA Publishes Names of Resorts on Land Rent Defaulters’ List

May 25, 2022
HDC to Install a CCTV Network Across Hulhumale

HDC Seeking Contractors to Develop Marina View Apartments

May 25, 2022

Recent News

Vinares Flats to be Handed Over to HDC in July

Vinares Flats to be Handed Over to HDC in July

May 25, 2022
Government Withdraws Amendment to Reduce Tourism Land Rent 

Government Withdraws Amendment to Reduce Tourism Land Rent 

May 25, 2022
MIRA Earns MVR 2 Billion in Tax Revenue in December

MIRA Publishes Names of Resorts on Land Rent Defaulters’ List

May 25, 2022
HDC to Install a CCTV Network Across Hulhumale

HDC Seeking Contractors to Develop Marina View Apartments

May 25, 2022
DhiDaily - English Edition

© 2022 Dhidaily

  • About
  • Advertise
  • Privacy & Policy
  • Contact

No Result
View All Result
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި

© 2022 Dhidaily