Official records from the Finance Ministry have shown that the outstanding securities sold in the domestic and foreign markets increased to MVR 100 billion.
The updated data on government securities outstanding released by the ministry shows that the debt stood at MVR 100.4 billion at the end of January.
More than 90 percent of the debt is owed on T-bills, bonds and Islamic instruments sold in the domestic market. That figure now stands at MVR 91.1 billion.
Foreign securities debt includes USD 100 million in bonds from the recently rolled-over Abu Dhabi Fund and USD 500 million in sukuk due in April. External securities debt, including bonds and sukuk, stood at MVR 9.2 billion.
Government securities debt
- MVR T-Bill - MVR 41.1 billion
- USD T-bill - MVR 6.4 billion
- Islamic instruments - MVR 5.3 billion
- MVR bonds - MVR 28 billion
- USD bonds - MVR 10.2 billion
- Foreign instruments - MVR 9.2 billion
Since the current government has not sold any securities to the foreign market, the amount remains unchanged from November 2023.
However, the figures show that the domestic debt increased significantly as the government has increased its reliance on the domestic market for its financing needs. Calculations done by Adhadhu indicate the debt is MVR 23 billion.
While the government securities debt exceeded MVR 100 billion, the total debt, including foreign loans and guaranteed loans, stood at MVR 158 billion.
