New govt inherits MVR 119b debt; MVR 10b to India
The total public debt, including borrowings and sovereign guarantees, stood at 110.9% of GDP at the end of September.
The government of Dr President Mohamed Muizzu, who took office on Friday, has inherited a debt of MVR 119 billion, according to statistics.
The total public debt, including borrowings and sovereign guarantees, stood at 110.9% of GDP at the end of September, according to the figures released by the finance ministry on Thursday, the last working day of President Ibrahim Mohamed Solih's government.
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External debt - MVR 50.9 billion
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Domestic debt - MVR 66.4 billion
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Total debt - MVR 119 billion
According to the statistics, majority of Maldives total debt is owed to domestic creditors. They include:
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42.8% of the total debt is owed to foreign parties
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Foreign debt as a percentage of GDP stands at 47.5%
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57.2% is debt owed to domestic creditors
According to the finance ministry, Maldives' currently owes the biggest portion of the debt to neighbouring India. Maldives' debt to India, including direct loans from various banks and sovereign guarantees to various companies, stands at MVR 10.3 billion.
Details of India debt:
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Export Import Bank of India (loan) - MVR 5.5 billion
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Bonds - $100 million (MVR 1.5 billion)
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Export Import Bank of India (sovereign guarantee) - MVR 1.76 billion
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Reserve Bank of India (sovereign guarantees) - MVR 1.54 billion
Maldives owes China MVR 9.1 billion. The bulk of the debt is in the form of sovereign guarantees for loans taken through various government companies:
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Export Import Bank of China (loan) - MVR 30.1 million
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Industrial and Commercial Bank of China (sovereign guarantees) - MVR 4.55 billion
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Export Import Bank of China guarantee (sovereign guarantees) - MVR 2.32 billion
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China Development Bank guarantee (sovereign guarantees) - MVR 2.26 billion
At the end of the previous government, MVR 2.7 billion was spent on repaying loans.
