State debt spirals to MVR 73.9 billion
External debt is at MVR 37.8 billion
Ministry of Finance
The state debt has risen to MVR 73.9 billion.
The Ministry of Finance’s debt management statistics revealed that the country’s external debt, based on Gross Domestic Product (GDP), stood at MVR 37.8 billion whereas the country’s domestic debt was at MVR 36.2 billion by the end of June.
Further, the country’s internal debt had risen to MVR 37.7 billion by the end of June.
Statistic go on to reveal that the country had a guaranteed debt total at MVR 16.6 billion with external debt at MVR 15.7 billion and domestic debt at MVR 934 million.
In addition, the government had a central-debt amounting MVR 57.3 billion out of which external debt was at MVR 22 billion and domestic debt was at MVR 33.2 billion.
Statistics also indicate that the “Public and Publicly Guaranteed Debt” as a 108 percent of GDP which stood at MVR 68.3 billion by the end of June.
According to the statistics, state debt was at MVR 68 billion by the end of 2019 and rose to MVR 69 billion in the first quarter of the ongoing year.
Latest statistics reveal that the country’s debt for the second quarter of 2020 reached nearly MVR 74 billion, authorities have been granted loans from external financial sources for the government’s Covid-19 response efforts as the country’s economy took a direct hit due to the virus.
