The outstanding Public and Publicly Guaranteed (PPG) Debt of the Maldives government reached MVR 126.2 billion as of the first quarter of 2024, which is 110.1% of the Maldives national Gross Domestic Product (GDP).
According to the Quarterly Debt Bulletin (QDB) for the Q1-2024, published by the Ministry of Finance, the total debt service as of the review quarter stood at MVR 2.2 billion.
Budgetary Central Government (BCG) Debt
- External: MVR 38.1 billion
- Domestic: MVR 74.1 billion
In the last quarter of 2023, external BCG Debt stood at MVR 38 billion, and domestic BCG Debt stood at MVR 72.7 billion. Moreover, in the corresponding quarter last year (Q1-2023), the external BCG Debt stood at MVR 33.3 billion while the domestic debt stood at MVR 63.6 billion.
Compared to Q4-2023, the total BCG Debt rose to 97.8% of the Maldives GDP, while the BCG External Debt is 33.2% and BCG Domestic Debt is 64.6% of the GDP.
Sovereign Guaranteed Debt
- External: MVR 13.5 billion
- Domestic: MVR 451.1 million
In the last quarter in 2023, the External Sovereign Guaranteed (ESG) Debt stood at MVR 13.7 billion – meaning that the ESG Debt saw a moderate drop in the review quarter. The Domestic Sovereign Guaranteed (DSG) Debt in Q4-2023 stood at MVR 457.1 million – which too moderately declined in Q1-2024.
Total PPG Debt
- External: MVR 51.63 billion
- Domestic: MVR 74.56 billion
In Q4-2023, the External PPG Debt stood at MVR 51.73 billion, while the Domestic PPG Debt stood at MVR 73.2 billion – meaning that while the External PPG Debt declined from last year’s final quarter to this year’s first quarter, the Domestic PPG Debt increased during the same period.