Table 15 External Debt and Debt Service, 2020 - 2025 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
206.0
105.8
100.1
4,879.7
4.2
 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
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
406.6
225.4
116.4
109.1
5,413.8
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
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
6,242.0
5.5
 2025
1.0
1.3
3.2
-
1.2
23.6
na
7.9
-100.0
-2.6
-2.4
1.1
-79.9
-31.2
51.0
101.5
-2.8
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 Mar-22 Q1
3,314.8
2,995.4
2,157.8
758.0
424.8
122.3
-
752.5
100.0
837.7
319.4
253.7
55.4
137.4
55.0
40.5
14.5
53.8
48.6
 2022 Q1
0.0
0.8
35.1
116.6
4.5
-48.5
na
24.8
na
-39.0
-6.8
-16.5
42.4
1,638.9
263.4
219.5
490.2
Jun-22 Q2
3,298.4
2,973.9
2,097.6
600.0
418.5
224.8
-
754.2
100.0
876.3
324.5
264.7
51.8
38.0
99.1
66.9
32.2
53.5
48.2
 Q2
2.5
3.9
20.8
31.0
2.4
-5.8
na
19.4
na
-22.1
-8.9
-14.2
37.4
-88.2
-53.7
-67.1
196.5
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
 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
41.3
9.1
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
-26.5
-8.7
-30.4
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
53.7
47.9
 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
55.1
49.1
 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
56.0
50.5
 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
62.4
57.4
 Q4
15.4
19.2
10.8
-
4.4
34.7
na
14.6
-
41.8
-15.6
-0.4
-80.1
25.4
7.5
32.0
0.5
2025 Mar-25 Q1
4,347.9
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
51.9
 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
-0.2
167.9
238.9
12.8
Jun-25 Q2
4,390.7
4,048.7
2,730.0
600.0
491.8
400.6
-
1,237.7
-
1,318.6
342.0
341.9
0.1
30.1
41.8
9.6
32.2
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
-2.3
-1.0
-2.7
Sep-25 Q3
4,368.2
4,034.6
2,780.2
600.0
485.2
449.4
-
1,245.6
-
1,254.3
333.6
333.5
0.1
117.2
84.3
66.4
18.0
56.4
52.1
 Q3
10.6
13.3
4.5
-
0.1
49.1
na
6.0
-100.0
39.3
-13.7
-10.2
-99.3
20.9
13.1
30.1
-23.8
Dec-25 Q4
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
56.4
43.1
10.0
33.1
57.4
52.9
 Q4
1.0
1.3
3.2
-
1.2
23.6
na
7.9
-100.0
-2.6
-2.4
1.1
-79.9
-55.2
-2.9
-17.0
2.4
Source: Ministry of Finance and Public Enterprises, 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/External debt outstanding as a percentage of GDP has been calculated using nominal GDP for the year. Figures for 2025 have been revised as per the first estimate of annual nominal GDP, derived from the summation of four quarters of 2025 as per QNA 2025 Q4, published by the Maldives Bureau of Statistics on 15 April 2026.
Note: Figures for central government and publicly guaranteed external debt, and disbursements have been revised as per the 'Quarterly Debt Bulletin 2025 Q4' published by the Ministry of Finance and Public Enterprises.