National debt set to rise to MVR92,196 per head warns MMA
19 Dec 2013, 11:11 PM
Ahmed Rilwan
The Maldives Monetary Authority – the country’s central bank and banking regulator – has published its professional opinion on the 2014 budget, painting a dark outlook and proposing urgent measures to prevent the economy from plunging further into debt.
The document was prepared upon an official request from the People’s Majlis, which is set to consider the spending plans when they emerge from committee on Saturday (December 21).
In the document, the MMA warned that the national debt is estimated to rise from MVR27.7 billion in 2013 to MVR31.5 billion in 2014 – equating to MVR92,196 per head.
Forecast GDP growth rate for 2014 is 4.5% – lower than the average of past ten years.
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