Budget Deficit Increases By MVR 600 Million Within a Week

The budget deficit of the state has increased by MVR 600 million within a week.

Weekly statistics published by the Ministry of Finance show that by 9th September 2021, the budget deficit was MVR 7.1 billion. The budget deficit increased to MVR 7.7 billion by 16th September, an increment of MVR 600 million.

However, the total budget deficit by September 16 is less than the budget deficit of the same period in 2020.

It should be noted that the budget deficit will be added to the total debt of the state. The latest forecasts by the Ministry of Finance show that the total debt of Maldives will reach MVR 79 billion by year-end. That is 128 percent of the GDP of Maldives.

With the increase in national debt, the debt burden of Maldives will be very high in the next few years.

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