Maldives’ total debt will reach MVR 48 billion by the end of 2018, the proposed state budget for next year reveals.

This is five billion more than at the end of last year. The proposed budget shows that this rise is primarily due to an increase in external debts.

The Finance Ministry has proposed purchase of more bonds for 2019, and debts from bonds may rise to 36.1 percent. The state debt at the end of 2016 was 16 billion.

Total internal debt at the end of 2017 was 26 billion, and is expected to rise to 27 billion by the end of this year.

The total national debt is to rise to 55 billion by the end of 2019, as estimated in the proposed budget.