MVR 1 Billion Allocated Towards State Debt in 2024

Recent data from the Ministry of Finance reveals that MVR 1 billion (USD 64.9 million) has been allocated to repay state debt in 2024.

According to the Ministry’s statistics, MVR 2.2 billion (USD 143.8 million) is earmarked for repayment within the fiscal year, representing 45% of the total debt obligation. 

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In addition to principal repayments, a substantial amount of MVR 1.6 billion (USD 103.8 million) has been directed towards interest payments during the same period, with looming interest obligations totalling MVR 5.2 billion (USD 338.5 million), adding to the fiscal strain.

The Maldives’ state debt rose to MVR 126 billion (USD 8.18 billion) by the end of the first quarter 2024. This increase is mainly due to the surge in domestic debt, which jumped from MVR 72.8 billion (USD 4.72 billion) to MVR 74 billion (USD 4.80 billion) within the first three months of 2024.

2026 marks a critical juncture with MVR 15 billion due for repayment – the highest in Maldives’ history.