Malé, Maldives – According to the Economic Update released by Maldives Monetary Authority, the total government debt (excluding government guaranteed debt) amounted to MVR 63.6 billion at the end of Quarter 3 for the year 2020, a 10% increase from Quarter 2 for the year 2020.
Similarly, total government debt as a percentage of GDP increased to 110% at the end of Quarter 3 for the year 2020.The increase in government debt was primarily driven by domestic debt.
The government revenue (excluding grants) declined by 50% to MVR 732.4 million compared to November 2019. This was caused due to a decrease in both tax and non-tax revenue.
The total expenditure (excluding amortisation) declined by 26% to MVR 731.0 million in November 2020 when compared to November 2019.
Overall the total recorded revenue declined by 36% while the total expenditure decreased by only 2%.
In October 2020, the parliament released a National Debt Report which showed that the national debt of Maldives adds up to a whopping MVR 172 billion. This is inclusive of the guaranteed debt.