Sunday 21st Apr 2024
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President Solih

Previous Government Created Debt of 33 million MVR Per Day in Five Years

Former President Ibrahim Mohamed Solih’s five years of rule have created debt of 33 million MVR per day, adding more than 60 billion MVR to the public debt during his tenure.
According to figures obtained by Dhiyares, the government's direct debt (excluding guaranteed debt) stood at 58.6 billion MVR during the administration of President Ibrahim. Of this, 16.8 billion MVR is external debt, and 41.8 billion MVR is internal debt.
During that period, the government borrowed more than 2 billion MVR under state guarantees. The total debt for five years is 60.7 billion MVR. That’s more than 33 million MVR per day for the 1,826 days from November 17th, 2018 to November 17th, 2023.
The increase in public debt during President Ibrahim's tenure surpasses the total debt accumulated during the tenure of four presidents before him.
The total debt of the state at the end of the presidency of Maumoon Abdul Gayoom was 6.2 billion MVR. The government debt increased by 17.7 billion MVR during the administration of
Mohamed Nasheed. A further 4.6 billion MVR was added during the administration of Mohamed Waheed Hassan, and 31.5 billion MVR during the Abdullah Yameen administration. Therefore, the total debt increased by a total of 61 billion MVR during the rule of the four leaders.
Excluding government guaranteed debt, the government's direct debt stood at 5.7 billion MVR at the end of the Maumoon government. Direct debt rose by 17.3 billion by the end of President Nasheed's government, then an additional 2.9 billion MVR under President Waheed’s government. The nation’s direct debt rose by 22.1 billion MVR in the five years of President Yameen. The four presidents have added a total of 48 billion MVR to the direct debt of the country.
Therefore, the previous government's direct debt alone was 10 billion MVR more than the total amount of direct debt accrued by the previous four presidents.