Parliament of the Maldives reveals state debt has risen to USD 11 billion.
The parliamentary report on state debt, which was prepared based on information provided by the Ministry of Finance, was deliberated on during the parliament sitting on October 19. The report revealed state debt starting from 2012 till now has risen to USD 11 billion, including USD 5.9 billion in T-bills and bonds issued by the government, USD 2.7 billion in guarantees issued on behalf of state owned companies, USD 840 million in loans taken from international financial organisations, USD 480 million in loans and bonds taken by the Central Bank and USD 350 million in outstanding bills of the government and state-owned companies.
The report prepared by the Auditor General’s Office on state debt for 2018 noted state debt needs to lower than 60% with respect to the Gross Domestic Product (GDP). However, the report noted this percentage had risen to 71% in 2018. The audit report stated the debt had increased due to the budget deficit exceeding the amount passed by the parliament for the year.