Experts project that state debt will surge beyond 57 billion by the end of this year
19 ސެޕްޓެމްބަރު 2026 | ހޮނިހިރު 22:22According to budget statistics highlighted by financial expert Ismail Zariyand, the state's expenditures are projected to exceed revenue between 2023 and 2026, resulting in a budget deficit of MVR 34.6 billion. In addition to the substantial costs required for debt servicing, the net increase in new debt during this period is estimated to reach MVR 57.5 billion, prompting experts to urge the implementation of robust measures to manage the nation's precarious fiscal situation.
The Ministry of Finance. | RaajjeMV
Financial expert Ismail Zariyand has released figures indicating that the current administration is projected to increase the national debt by MVR 57.5 billion between January 1, 2024, and the end of December 2026.
This information was shared by him regarding the country's current financial situation, based on an analysis of the national budget statistics.
In a detailed post on X, Ismail Zariyand provided a comprehensive breakdown of the projected national budget for the period from 2023 to 2026. He noted that total state revenue and grants are estimated to reach MVR 145.5 billion during this timeframe. However, he highlighted that government expenditure is projected to rise to MVR 180.1 billion over the same period.
Based on these figures, the budget deficit is projected to reach MVR 34.6 billion, as expenditures continue to outpace revenue. Furthermore, data released by Zariyand indicates that MVR 23.2 billion will be required to meet upcoming debt servicing obligations.
Financial experts have highlighted that the most concerning aspect of the budget figures is the volume of debt to be incurred during this period. While total borrowings are projected to reach MVR 66.9 billion, the net increase in debt over the government's three-year term—after deducting debt repayment expenditures—is estimated at MVR 57.5 billion.
Zariyand stated that these figures represent the facts as documented in official state budget records. At a time when the Maldives' economic situation remains precarious, the rapid escalation of state debt has become a major concern for many financial experts.
Economic experts are increasingly advising that robust measures must be implemented, particularly to manage the national debt. The statistics disclosed by Ismail Zariyand clearly highlight the significant challenges facing the government's fiscal policies and debt management systems. However, the government maintains that it is fulfilling its debt obligations while ensuring the economy remains stable and well-managed. This track record was among the reasons cited for granting President Dr. Mohamed Muizzu the presidential ticket without a primary.
However, financial experts continue to highlight that official statistics demonstrate the current administration's inability to effectively manage the national debt.
