State Debt Rises by MVR 1.4 Billion in First Quarter, Reveals Finance Ministry

The Finance Ministry’s quarterly statistics reveals a significant rise in the state’s debt by MVR 1.4 billion within the first three months of the year. 

By the end of the first quarter, the public and publicly guaranteed debt had reached MVR 126 billion, up from MVR 124.8 billion at the end of the previous year.

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The increase was primarily driven by a rise in domestic debt. Domestic debt, which was MVR 72.8 billion at the close of last year, increased to MVR 74 billion by the end of March. In contrast, external debt remained unchanged at MVR 38 billion.

Of the total debt, the budgetary central government debt accounts for MVR 112 billion, while sovereign guaranteed debt stands at MVR 14 billion. Notably, the sovereign guaranteed debt decreased by approximately MVR 170 million in the first quarter. 

However, there was an uptick in loans and bonds taken by the central government from the domestic market during this period.