The World Bank has said that as of the end of 2020, the Maldives has accumulated a total of USD$ 3.4 billion.
According to the updated international debt statistics published by the World Bank, the Maldives had a total external debt of USD$2.3 billion by the end of 2018.
The difference shows that the Maldives had been taken on debts worth USD$ 1.06 billion in the time between the end of 2018 and 2020.
USD$ 41.6 million had been taken on credit from the IMF, and long-term loans total to USD$ 3 billion. Of all external debts, USD$ 2.8 billion had been taken out on sovereign guarantees.
Direct debt totalled to USD$ 1.6 billion; and debt to private individuals with a sovereign guarantee totalled to USD$ 121 million. Short -term external loans total USD$ 349 million.
The country’s multilateral loans equal USD$ 411 million.
Total USD$350 million had been given out as bonds. USD$ 513 million had been taken from banks and other financial institutions.
Based on the statistics, the country’s debt to income ratio has risen from 48.7% to 90% since 2018. Likewise, the debt to export ratio had risen from 64.9% to 187.5%.