MVR 10 billion in debt settled over the past eight months: Finance Minister
18 ސެޕްޓެމްބަރު 2026 | ހުކުރު 08:46The Minister of Finance has stated that the 10 billion rufiyaa in debt repayments made by the government over the past eight months is equivalent to the total amount repaid over the previous nine years. While the national reserve is primarily utilized for fuel imports and debt servicing, the Minister noted that expenditure on fuel this year has been proportionally reduced compared to previous years.
Minister of Finance Zareer delivering a presentation during the People's National Congress (PNC) convention. | PNC
Minister of Finance Hassan Zareer has announced that the state has successfully settled 10 billion Rufiyaa in debt over the past eight months.
Speaking at the "Higher Council" meeting of the ruling People's National Congress (PNC), the Minister stated that the 10 billion Rufiyaa in debt settled over the past eight months is equivalent to the total amount repaid over the preceding nine years.
During the meeting, Minister Zareer delivered a presentation detailing the expenditures from the country's foreign exchange reserves allocated for debt servicing and fuel imports. The Minister highlighted that fuel procurement and debt repayments have been the primary drivers of expenditure from the current administration's foreign reserves.
According to statistics shared by the Minister, the highest expenditure on fuel imports over the past seven years was recorded in 2022. In that year alone, fuel costs reached $831 million, and the figure has consistently remained above $700 million annually for the subsequent three years.
However, fuel expenditure has seen a relative decline so far this year. To date, the total spending on fuel imports stands at $683 million.
