State debt stood at MVR 126 billion at the end of the first quarter (Q1) this year, the Ministry of Finance data revealed — an increase of approximately MVR 1.3 billion compared to 2023’s fourth quarter (Q4).
According to the Ministry’s first 2024 quarterly bulletin, total debt was made up of Government debt; at MVR 112 billion, and Sovereign guarantees; at MVR 14 billion.
External debt amounted to MVR 51.6 billion with domestic debt at MVR 74.5 billion.
While total debt increased during Q1 of 2024 due to a rise in domestic debt, external debt fell to MVR 51.6 billion; down from MVR 51.7 billion in Q4 of 2023.
The nation’s debt-to-GDP was lower in Q1 2024 than Q4 2023 — debt stood at 116.5 percent of GDP at the end of Q4 2023, however, falling to 110.1 percent at the end of Q1 2024.
