Outstanding government securities in domestic and foreign markets have risen above MVR 100 billion, according to data released by the Ministry of Finance.
The figures show securities debt stood at MVR 100.4 billion at the end of January.
More than 90 per cent of the total is owed on treasury bills, bonds and Islamic instruments issued in the domestic market. Domestic securities now amount to MVR 91.1 billion.
A breakdown of government securities debt shows MVR 41.1 billion in MVR treasury bills, MVR 6.4 billion in dollar-denominated treasury bills, MVR 5.3 billion in Islamic instruments and MVR 28 billion in MVR bonds. Dollar-denominated bonds account for MVR 10.2 billion, while other foreign instruments stand at MVR 9.2 billion.
Foreign securities debt includes a USD 100 million bond rolled over from the Abu Dhabi Fund and a USD 500 million sukuk due in April. External securities debt, including bonds and sukuk, stood at MVR 9.2 billion.
The government has not issued new securities to foreign markets since November 2023. As a result, external securities debt has remained unchanged since President Mohamed Muizzu took office.
However, finance ministry data show domestic borrowing has increased significantly over the same period, as the government relied more heavily on the local market to meet its financing needs. Analysts say domestic securities have risen by more than MVR 20 billion since Muizzu assumed office.
Government securities debt has now crossed MVR 100 billion, while total public debt — including foreign loans and government-guaranteed loans – stood at MVR 158 billion.
This year’s budget projects overall debt will remain at roughly the same level by the end of the year.