MVR 3 billion (USD 213 million) has been withdrawn for various government projects so far this year.
Finance Ministry disclosed the details of the government’s loans and sovereign guarantee on Tuesday.
The details of the loan withdrawn by the government so far this year are as follows;
The government also provided sovereign guarantee for two loans so far this year. They are:
Maldives’ foreign debt is expected to climb up to USD 557 million next year and USD 1 billion by 2026.
Most of Maldives' foreign debt burdens are owed to India and China including loans withdrawn for various development projects and to overcome the difficulties posed by the COVID-19. While India has postponed the repayment of some of the loans, China has also greenlighted the postponement of some loans.