Monday 22nd Jul 2024
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State Debt

Government Debt to 124 Billion MVR in Five Years, an Increase of 108 Percent

The total debt of the government has increased from 60 billion MVR to 124 billion MVR in the past five years, according to the Finance Ministry.
According to the Finance Ministry’s public debt figures, the total public debt stood at 124 billion MVR by the end of 2023.
As of last year, the government had taken out 14 billion MVR in guaranteed debt. Of the total government debt, 110 billion MVR is directly borrowed by the government.
The total debt of the country as of December 2018 was 59.5 billion MVR, according to the 2019 figures published by the Ministry of Finance.
Therefore, the government debt has increased by 64.5 billion MVR, which is an 108 percent increase, in the past five years.
At the end of the five years, 51.1 billion MVR of the total debt was external. Domestic debt stood at 73 billion MVR.
The largest amount of government debt in the last five years has come from borrowing from neighboring India.