Saturday 15th Jun 2024
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Debt increases to MVR 80 billion: MMA

Maldives Monetary Authority (MMA) says that the total debt had risen to MVR 80 billion (US$ 5.18 billion) at the end of 2021.
The annual report for 2021, said that at the end of 2020, debt was at MVR 66.6 billion (US$ 4.31 billion). From 2020 to 2021, debt has risen by MVR 13.4 billion (US$ 867.5 million).
While debt had risen in 2021, national productivity or gross domestic product had increased. As such, the debt to GDP had lessened. In 2020, debt as a percentage of GDP was 116 percent. In 2021, this had reduced to 104 percent.
Looking at debt composition, 61 percent of debt is internal debt while 39 percent of debt is external debt.
In 2020, sovereign guarantees as a percentage of GDP was 150 percent. This amount had reduced as well. For 2021, this amount was at 122 percent.
Internal debt had increased in this period, from MVR 41.6 billion (US$ 2.69 billion) in 2020 to MVR 48.5 billion (US$ 3.14 billion).