Table 15 External Debt and Debt Service, 2019 - 2025 1/
(Millions of USD)
Period Total external debt outstanding 2/ Central government debt disbursed and debt service External debt outstanding as a % of GDP 6/
Central government and publicly guaranteed external debt
 Other depository corporations 4/
Disbursements
5/
Debt service
 Total external debt outstanding
Central government and publicly guaranteed
 Central government Publicly guaranteed Other depository corporations
Central government external debt Publicly guaranteed external debt Loans Principal repayments Interest payments
Debt securities 3/ Loans o/w
o/w Head offices & branches Non resident ODC
Multilateral Bilateral Commercial Bank Buyers credit
(2+10) (15+16)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21)
2019
2,363.1
2,259.4
1,431.8
350.0
314.7
171.7
1.0
594.5
827.6
103.7
58.9
44.8
166.7
101.1
61.1
40.1
41.4
39.6
25.1
14.5
1.8
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
86.9
77.2
43.8
33.4
9.7
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
64.1
56.3
39.5
16.8
7.8
2022
3,524.3
3,115.3
2,149.3
600.0
418.2
227.5
-
803.6
966.0
409.0
346.3
56.6
285.2
266.5
158.0
108.5
57.2
50.5
34.9
15.7
6.6
2023
3,810.7
3,393.0
2,474.4
600.0
461.2
276.7
-
1,036.5
918.6
417.7
338.8
76.8
435.9
206.0
105.8
100.1
57.7
51.4
37.5
13.9
6.3
2024
4,396.6
4,043.9
2,741.5
600.0
481.2
372.7
-
1,187.6
1,302.5
352.7
337.4
15.3
406.6
225.4
116.4
109.1
62.4
57.4
38.9
18.5
5.0
2025
4,440.7
4,096.5
2,828.5
600.0
486.8
460.6
-
1,281.1
1,268.0
344.2
341.1
3.1
279.6
340.4
234.5
106.0
58.8
54.3
37.5
16.8
4.6
Period y/y % change Memorandum items
Total external debt outstanding
Central government and publicly guaranteed external debt
 Central government external debt Debt securities Multilateral Bilateral Commercial Bank Buyers credit Publicly guaranteed external debt Other depository corporations Head offices & branches Non resident ODC Central government debt disbursed and debt service
Nominal GDP at market prices (millions of USD)
6/		 Exchange rate
Exports of goods and services
 Debt service ratio (central government)
Disbursements
Debt service
 Principal repayments Interest payments
(14/40)
(22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41)
2019
13.9
12.7
7.4
-
9.1
24.9
-85.7
8.0
23.2
49.5
104.8
10.3
-49.6
-2.6
-12.4
17.3
5,712.0
15.38
3,742.1
2.7
2020
36.1
26.5
13.2
-
31.0
41.6
-100.0
3.4
49.6
246.0
430.0
3.7
20.3
-12.7
-13.5
-11.4
3,703.3
15.41
1,786.5
4.9
2021
4.4
3.1
27.6
88.0
2.5
-5.0
na
23.0
-28.9
14.5
-2.3
105.9
243.4
225.8
366.2
16.8
5,236.3
15.39
3,984.8
7.2
2022
4.9
5.7
3.9
-8.8
-1.0
-1.5
na
6.2
9.8
-0.5
13.4
-40.8
-58.6
-7.3
-35.8
162.0
6,163.8
15.40
5,095.6
5.2
2023
8.1
8.9
15.1
-
10.3
21.6
na
29.0
-4.9
2.1
-2.2
35.7
52.8
-22.7
-33.0
-7.7
6,606.8
15.40
4,879.7
4.2
2024
15.4
19.2
10.8
-
4.4
34.7
na
14.6
41.8
-15.6
-0.4
-80.1
-6.7
9.4
9.9
8.9
7,047.5
15.42
5,413.1
4.2
2025
1.0
1.3
3.2
-
1.2
23.6
na
7.9
-2.6
-2.4
1.1
-79.9
-31.2
51.0
101.5
-2.8
7,546.0
15.42
6,120.4
5.6
Source: Ministry of Finance and Planning, Maldives Monetary Authority, Maldives Bureau of Statistics
1/Figures represent data available as of 22 February 2026.
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/Figures for External debt outstanding in percent of GDP have been updated as per the revised GDP figures available as of 29 October 2025.