The nation’s total debt currently stands at MVR 118.9 billion, according to statistics released by the Ministry of Finance. This includes government debts and debts for which the government has taken responsibility through sovereign guarantees.

The Maldives’ public debt, inclusive of public guaranteed debt, rose to 110.9 percent of GDP as of September 2023 to MVR 118.9 billion, statistics show.

According to the latest census figures, the ‘per capita debt’ is at about MVR 227,812.

Recent statistics show the government has an external debt of MVR 50.9 billion, while domestic debt stood at MVR 66.3 billion.

The government took out the highest amounts of loans due to the Covid-19 pandemic in 2020, having borrowed more than US$92 million in Covid emergency support funds. The direct government debt stood at MVR 103.6 billion, comprising MVR 14.7 billion as buyer’s credit, MVR 6.9 billion from multilateral sources, MVR 5 billion from bilateral sources, MVR 7.7 billion from others, and MVR 1.5 billion from private enterprises.

The debt for which the government is responsible in terms of sovereign guarantees stood at MVR 15.2 billion, while government subsidiary loans stood at MVR 10.9 billion.

President Mohamed Muizzu, during his Inauguration, had acknowledged the government’s alarming debt, however, making assurances that he would work to mitigate shocks to the economy due to the high debt.