Maldives foreign debt rises to US$1.2bn
Government borrowings, which accounted for 91 percent of the total external debt stock, “grew significantly by US$316.2 million and totalled US$1.1 billion” as debt-to-GDP ratio rose to 26 percent.
06 May 2018, 9:00 AM
External debt reached US$1.2 billion at the end of 2017, according to the Maldives Monetary Authority’s annual report released last week.
Government borrowings, which accounted for 91 percent of the total external debt stock, “grew significantly by US$316.2 million and totalled US$1.1 billion” as debt-to-GDP ratio rose to 26 percent, up from 20 percent of GDP in the preceding year.
“The growth in external debt stock broadly reflected an increase in government debt securities following the issuance of a government bond in the international market during the year,” the central bank explained.
“In addition, the growth in buyer’s credit, coupled with an increase in loans obtained from multilateral sources during the year, contributed to the increase in government debt.”
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
