Foreign debt up to 1.2 billion USD
Foreign debt has increased by 339.4 million USD
Maldives Monetary Authority Headquarters
Maldives Monetary Authority (MMA) has reported that Maldivian foreign debt has increased to USD 1.2 billion.
According to 2017's annual report released by MMA, the foreign debt includes loans taken by the Maldivian government and business banks.
Most recent statistics stated in the report show an increase in the foreign debt by USD 339.4 million, which sums up to a total amount of USD 1.2 billion.
As mentioned in the annual report, 91% of the foreign debt is owed by the government. Therefore, the government's debt has increased by USD 316.2 million, making it a total of USD 1.1 billion.
MMA stated that with reference to gross domestic product (GDP), foreign debt was at 20% in 2016, which was elevated to 26% last year.
The reason for the increase in foreign debt according to MMA is the government bonds sold in the international market which has increased the government debt's security.
