Friday
22nd Nov 2024
Dhivehi Edition
Ibrahim Ameer. Photo: Finance Ministry.
The state of Maldives Spent more than MVR 700 million as loan repayments.
Weekly statistics published by the Ministry of Finance show that by 16th September 2021 Government has spent MVR 704.5 million as repayment. The government spent 1193.1 million in the same period in 2020 as a loan repayment.
This year’s budget for loan payment is MVR 1469.9 million however, it is less likely that this amount will be spent.
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.