The Ministry of Finance of the Republic of Maldives reported a sharp increase in public debt over the past 6 months. According to government officials, it increased by 4.5 billion Maldivian rufias (approximately $ 290 million).
At the same time, it is reported that the country’s external debt increased by 5%, while domestic – by 7%. This increase became noticeable after the country’s government received foreign loans for the development of Velana International Airport, which is located in Male
According to The Edition, a Maldivian news agency, the Maldives current government debt is 49 billion rufia (approximately $ 3.17 billion). This is equivalent to 61.3% of GDP.
In accordance with international standards, developing countries should maintain a public debt of 60%.
Tags: the Maldives