Table 15 External Debt and Debt Service, 2020 - 2026 1/
(Millions of USD)
Period Total external debt outstanding 2/ Central government debt disbursed and debt service Memorandum items Period y/y % change
Central government and publicly guaranteed external debt Other depository corporations 4/ Disbursements 5/ Debt service Exports of goods and services Debt service ratio (central government) Total external debt outstanding Central government and publicly guaranteed external debt Central government external debt Debt securities Multilateral Bilateral Commercial Bank Buyers credit Private Publicly guaranteed external debt Other depository corporations Head offices & branches Non resident ODC Central government debt disbursed and debt service
Central government external debt Publicly guaranteed external debt Loans Principal repayments Interest payments Disbursements Debt service Principal repayments Interest payments
Debt securities 3/ Loans o/w
Multilateral Bilateral Commercial Bank Buyers credit Private Head offices & branches Non resident ODC
(2+11) (3+10) (4 to 9) (16+17) (15/18)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36)
2020
3,217.2
2,858.4
1,620.3
350.0
412.3
243.1
-
614.9
-
1,238.1
358.8
312.4
46.4
200.5
88.3
52.8
35.5
1,786.5
4.9
 2020
36.1
26.5
13.2
-
31.0
41.6
-100.0
3.4
na
49.6
246.0
430.0
3.7
20.3
-12.7
-13.5
-11.4
2021
3,358.9
2,948.0
2,067.8
658.0
422.5
230.8
-
756.4
-
880.2
411.0
305.3
95.6
688.6
287.6
246.2
41.4
3,984.8
7.2
 2021
4.4
3.1
27.6
88.0
2.5
-5.0
na
23.0
na
-28.9
14.5
-2.3
105.9
243.4
225.8
366.2
16.8
2022
3,524.3
3,115.3
2,149.3
600.0
418.2
227.5
-
803.6
100.0
966.0
409.0
346.3
56.6
285.2
266.5
158.0
108.5
5,095.6
5.2
 2022
4.9
5.7
3.9
-8.8
-1.0
-1.5
na
6.2
na
9.8
-0.5
13.4
-40.8
-58.6
-7.3
-35.8
162.0
2023
3,810.7
3,393.0
2,474.4
600.0
461.2
276.7
-
1,036.5
100.0
918.6
417.7
338.8
76.8
435.9
208.1
107.9
100.2
4,879.7
4.3
 2023
8.1
8.9
15.1
-
10.3
21.6
na
29.0
-
-4.9
2.1
-2.2
35.7
52.8
-21.9
-31.7
-7.7
2024
4,396.6
4,043.9
2,741.5
600.0
481.2
372.7
-
1,187.6
100.0
1,302.5
352.7
337.4
15.3
406.5
225.4
116.4
109.1
5,413.8
4.2
 2024
15.4
19.2
10.8
-
4.3
34.7
na
14.6
-
41.8
-15.6
-0.4
-80.1
-6.7
8.3
7.8
8.9
2025
4,434.6
4,090.4
2,827.4
600.0
485.7
460.6
-
1,281.1
-
1,262.9
344.2
341.1
3.1
279.6
343.7
235.5
108.2
6,242.0
5.5
 2025
0.9
1.1
3.1
-
0.9
23.6
na
7.9
-100.0
-3.0
-2.4
1.1
-79.9
-31.2
52.5
102.4
-0.8
Period Total external debt outstanding 2/ Central government debt disbursed and debt service External debt outstanding as a % of GDP 6/ Period y/y % change
Central government and publicly guaranteed external debt Other depository corporations 4/ Disbursements 5/ Debt service Total external debt outstanding Central government and publicly guaranteed Total external debt outstanding Central government and publicly guaranteed external debt Central government external debt Debt securities Multilateral Bilateral Commercial Bank Buyers credit Private Publicly guaranteed external debt Other depository corporations Head offices & branches Non resident ODC Central government debt disbursed and debt service
Central government external debt Publicly guaranteed external debt Loans Principal repayments Interest payments Disbursements Debt service Principal repayments Interest payments
Debt securities 3/ Loans o/w
Multilateral Bilateral Commercial Bank Buyers credit Private Head offices & branches Non resident ODC
(38+47) (39+46) (40 to 45) (52+53)
(37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72)
2022 Sep-22 Q3
3,243.3
2,912.8
2,073.5
600.0
408.2
221.7
-
743.6
100.0
839.3
330.4
274.6
47.7
43.6
56.3
40.7
15.6
52.6
47.3
 2022 Q3
-5.8
-5.3
5.3
-8.8
1.7
-6.3
na
10.6
na
-24.3
-9.2
-10.5
1.9
-83.6
129.9
98.9
287.8
Dec-22 Q4
3,524.3
3,115.3
2,149.3
600.0
418.2
227.5
-
803.6
100.0
966.0
409.0
346.3
56.6
66.4
56.2
10.0
46.2
57.2
50.5
 Q4
4.9
5.7
3.9
-8.8
-1.0
-1.5
na
6.2
na
9.8
-0.5
13.4
-40.8
-28.7
60.5
-8.2
91.5
2023 Mar-23 Q1
3,466.8
3,087.7
2,160.6
600.0
418.1
222.9
-
819.6
100.0
927.2
379.0
335.5
37.4
47.1
60.7
42.8
17.9
52.5
46.7
 2023 Q1
4.6
3.1
0.1
-20.8
-1.6
82.2
na
8.9
-0.0
10.7
18.7
32.2
-32.5
-65.7
10.4
5.7
23.4
Jun-23 Q2
3,629.0
3,249.9
2,214.8
600.0
426.6
240.6
-
847.6
100.0
1,035.1
379.1
353.6
21.5
83.0
42.9
11.0
31.9
54.9
49.2
 Q2
10.0
9.3
5.6
-
1.9
7.0
na
12.4
-0.0
18.1
16.8
33.6
-58.5
118.2
-56.7
-83.5
-1.2
Sep-23 Q3
3,743.4
3,357.8
2,368.4
600.0
457.5
254.0
-
956.9
100.0
989.4
385.6
345.2
36.4
205.3
61.1
42.8
18.3
56.7
50.8
 Q3
15.4
15.3
14.2
-
12.1
14.6
na
28.7
-0.0
17.9
16.7
25.7
-23.7
370.7
8.5
5.2
17.1
Dec-23 Q4
3,810.7
3,393.0
2,474.4
600.0
461.2
276.7
-
1,036.5
100.0
918.6
417.7
338.8
76.8
100.4
43.4
11.2
32.2
57.7
51.4
 Q4
8.1
8.9
15.1
-
10.3
21.6
na
29.0
-
-4.9
2.1
-2.2
35.7
51.1
-22.7
12.2
-30.3
2024 Mar-24 Q1
3,786.7
3,376.1
2,495.5
600.0
456.0
276.1
-
1,063.4
100.0
880.6
410.6
335.3
73.2
76.0
63.9
43.8
20.1
53.9
48.0
 2024 Q1
9.2
9.3
15.5
-
9.1
23.9
na
29.7
-0.0
-5.0
8.3
-0.1
95.6
61.3
5.3
2.3
12.3
Jun-24 Q2
3,886.7
3,458.6
2,587.7
600.0
463.3
293.3
-
1,131.1
100.0
870.9
428.0
359.3
68.7
108.1
42.8
9.7
33.1
55.3
49.2
 Q2
7.1
6.4
16.8
-
8.6
21.9
na
33.4
-
-15.9
12.9
1.6
219.7
30.2
-0.3
-12.6
4.0
Sep-24 Q3
3,948.5
3,561.8
2,661.1
600.0
484.9
301.5
-
1,174.7
100.0
900.7
386.7
371.4
15.3
96.9
74.6
51.0
23.6
56.2
50.7
 Q3
5.5
6.1
12.4
-
6.0
18.7
na
22.8
-
-9.0
0.3
7.6
-58.1
-52.8
22.1
19.1
29.1
Dec-24 Q4
4,396.6
4,043.9
2,741.5
600.0
481.2
372.7
-
1,187.6
100.0
1,302.5
352.7
337.4
15.3
125.8
44.4
12.0
32.3
62.6
57.5
 Q4
15.4
19.2
10.8
-
4.3
34.7
na
14.6
-
41.8
-15.6
-0.4
-80.1
25.4
2.2
7.5
0.4
2025 Mar-25 Q1
4,347.8
4,013.2
2,683.4
600.0
484.6
395.9
-
1,202.9
-
1,329.8
334.6
334.6
0.0
75.9
171.2
148.6
22.7
56.2
51.8
 2025 Q1
14.8
18.9
7.5
-
6.3
43.4
na
13.1
-100.0
51.0
-18.5
-0.2
-100.0
-0.1
167.9
238.9
12.8
Jun-25 Q2
4,390.4
4,048.4
2,729.7
600.0
491.5
400.6
-
1,237.7
-
1,318.6
342.0
341.9
0.1
30.1
42.2
9.8
32.4
56.7
52.3
 Q2
13.0
17.1
5.5
-
6.1
36.6
na
9.4
-100.0
51.4
-20.1
-4.8
-99.9
-72.1
-1.5
1.5
-2.3
Sep-25 Q3
4,367.2
4,033.6
2,780.0
600.0
484.9
449.4
-
1,245.6
-
1,253.6
333.6
333.5
0.1
117.2
86.3
66.4
19.9
56.4
52.1
 Q3
10.6
13.2
4.5
-
0.0
49.1
na
6.0
-100.0
39.2
-13.7
-10.2
-99.3
20.9
15.7
30.1
-15.5
Dec-25 Q4
4,434.6
4,090.4
2,827.4
600.0
485.7
460.6
-
1,281.1
-
1,262.9
344.2
341.1
3.1
56.4
44.1
10.8
33.3
57.3
52.8
 Q4
0.9
1.1
3.1
-
0.9
23.6
na
7.9
-100.0
-3.0
-2.4
1.1
-79.9
-55.2
-0.7
-10.3
2.8
2026 Mar-26 Q1
4,424.6
4,068.9
2,807.4
600.0
482.3
451.1
-
1,274.0
-
1,261.5
355.7
344.6
-
51.7
84.0
66.1
17.8
54.8
50.4
 2026 Q1
1.8
1.4
4.6
-
-0.5
13.9
na
5.9
na
-5.1
6.3
3.0
-100.0
-31.9
-51.0
-55.5
-21.4
Jun-26 Q2
3,959.3
3,594.3
2,390.4
100.0
541.1
454.8
-
1,294.6
-
1,203.9
365.0
335.7
18.1
92.0
542.7
509.2
33.5
49.1
44.5
 Q2
-9.8
-11.2
-12.4
-83.3
10.1
13.5
na
4.6
na
-8.7
6.7
-1.8
22,696.8
205.2
1,187.1
5,096.8
3.5
Source: Ministry of Finance and Public Enterprises, Maldives Monetary Authority, Maldives Bureau of Statistics
1/Figures represent data available as of 16 August 2026. Figures for central government and publicly guaranteed external debt, and disbursements have been revised as per the 'Quarterly Debt Bulletin 2026 Q2' published by the Ministry of Finance and Public Enterprises.
2/This includes external debt of central government, publicly guaranteed external debt and external debt of other depository corporations (commercial banks).
3/This figure refers to USD250million government sovereign bond issued to international market from 2017 - 2021. Current figures refers to USD500 million sovereign Sukuk and USD100 million privately placed bond by the central government.
4/This refers to resident commercial banks foreign borrowings.
5/This refers to debt securities and loan disbursements.
6/External debt outstanding as a percentage of GDP has been calculated using Nominal GDP for the year. Figures for external debt as a % of GDP have been revised as per the annual GDP published by the Maldives Bureau of Statistics on 01 September 2026. Figures for 2026 have been calculated using Nominal GDP projections available as of 29 October 2025, forecasted by the Maldives Monetary Authority and the Ministry of Finance and Public Enterprises.