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MVR 844 million loan taken for budget support

Aug 10, 2023, 10:18 AM

The government has taken a loan of € 50 million (MVR 844 million) for budget support from a foreign private party.

The loan was taken as "private credit" on July 18, according to debt statistics published by the finance ministry. No further information about the transaction was disclosed.

The finance ministry has not responded to requests for information about the loan.

This was the third loan taken by the government this year, bringing the annual total to MVR 1.3 billion. The other loans were taken from the World Bank's International Development Association (IDA).

International monetary organizations have expressed serious concerns about the country's debt and external debt in particular.

According to the finance ministry's latest figure, there are 134 "active" loans at present that the state needs to repay.

The total amount of the debt is MVR 65.2 billion.

Economy Finance Ministry National Debt

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