The audit office has revealed that the debt management strategy implemented by the state was not sufficiently followed.

The audit office published a report regarding the financial situation of the country, stating that the medium term debt management strategy followed from the year 2012 till 2014 was one that was compiled by the then-president.

The strategy was compiled to follow a plan adequate for minimum spending under financial terms and to tackle risks that may surface.

While it was stated that information was gathered from quarterly reports and annual reports to be analyzed, the Audit Office said that the Finance Ministry had not followed procedures under the dept management strategy.

The Audit Office also urged the Finance Ministry to take swift action on the management of debt following the increase of state debts.

According to state analysis, by the end of 2017 state debt had risen to fourty three billion Rufiyaa whereas the amount was thirty seven billion in 2016.

While state debt is escalating year by year, procedures to increase income under the state budget did not go prosperously last year.

Credit rating company, Moody's has revealed that debt will be shared in Maldives GDP by 82%. by 2019 and the Internation Monetary Fund (IMF) also highlighted the nation's escalating debt.