National debt at MVR 79 billion at the end of Q3-2020
7 ފެބުރުއަރީ 2021 | އާދީއްތަ 06:43The government of Maldives records an external debt of MVR 38,125 million
Public and Publicly Guaranteed Debt, respective of GDP, increased by 10 percent between the second and third quarters of 2020
Statistics publicized by the Ministry of Finance show that by the end of the third quarter of 2020, the Government of Maldives had accumulated MVR 79,833 million in Publicly Guaranteed Debt.
The statistics by Finance Ministry detail that the government recorded an external debt of MVR 38,125 million at the end of the third quarter of 2020, in addition to MVR 41,708 million in domestic debt.
At the close of the second quarter for 2020, the Maldivian government had recorded MVR 74,330 million in Public and Publicly Guaranteed Debt, with external debt at MVR 37,305 million and domestic debt at MVR 36,626 million.
Finance Ministry statistics go on to detail that at the close of the third quarter of 2020, the Maldives' budgetary central government debt was at MVR 63,624 million, which comprised of MVR 22,863 million in external debt and MVR 40,761 million in domestic debt.
The second quarter of 2020 ended with the budgetary central government debt at MVR 57,709 million. As such, the Maldives' budgetary central government debt increased by MVR 5,915 million between the second and third quarters of 2020.
Statistics show that budgetary central government debt was at 80 percent respective to the Public and Publicly Guaranteed Debt, and at 110 percent respective of the island nation's GDP.
On Guaranteed Debt, statistics by the Ministry of Finance show that at the close of the third quarter of 2020, the Maldivian government had accumulated MVR 16,209 million in Guaranteed Debt, which is composite of MVR 15,262 million in external debt and MVR 947 in domestic debt.
While that amounts to the Maldives' Guaranteed Debt being 20 percent of the nation's Public and Publicly Guaranteed Debt, Guaranteed Debt is recorded at 28 percent when respective to the nation's GDP.
At the close of the second quarter of 2020, the Public and Publicly Guaranteed Debt of the Government of Maldives had been 128 percent of the nation's GDP, with the Public and Publicly Guaranteed Debt moving up to 138 percent of the nation's GDP at the close of the 2020's third fiscal quarter.
The Maldivian government's Public and Publicly Guaranteed Debt increased in respect to the nation's GDP between the second and third quarters of 2020 as the country's overall GDP has decreased following the economic impact of the global Covid-19 pandemic. This has resulted in the Maldives facing various difficulties in achieving the targets determined for Debt Regulation under the nation's Fiscal Responsibility Act.
