Table 6.5 Public and Publicly Guaranteed Debt of Central Government, 2021 - 2025 1/
(Millions of MVR)
Period Total outstanding In % of GDP 2/
Domestic External Total outstanding Domestic debt Central government domestic debt Guaranteed domestic debt External debt Central government external debt Guaranteed external debt
Central government Guaranteed Central government Guaranteed
(2 + 5) (3 + 4) (6 + 7)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
2021
94,452.0
49,082.7
48,453.9
628.8
45,369.3
31,823.5
13,545.8
117.0
60.8
60.0
0.8
56.2
39.4
16.8
2022
107,218.1
59,242.9
58,644.3
598.6
47,975.2
33,099.0
14,876.2
112.8
62.3
61.7
0.6
50.5
34.8
15.7
2023
125,954.2
73,702.2
72,775.1
927.1
52,252.0
38,105.3
14,146.7
123.6
72.3
71.4
0.9
51.3
37.4
13.9
2024
144,947.3
82,590.2
81,610.3
979.9
62,357.1
42,273.3
20,083.8
133.4
76.0
75.1
0.9
57.4
38.9
18.5
2025
154,826.8
91,659.5
90,758.3
901.2
63,167.3
43,615.2
19,552.1
129.7
76.8
76.1
0.8
52.9
36.5
16.4
2021 Mar-21 Q1
90,287.3
44,679.8
43,907.1
772.7
45,607.5
24,516.9
21,090.6
111.8
55.3
54.4
1.0
56.5
30.4
26.1
Jun-21 Q2
89,588.1
45,743.9
44,964.6
779.3
43,844.2
26,612.4
17,231.8
111.0
56.7
55.7
1.0
54.3
33.0
21.3
Sep-21 Q3
95,292.5
47,899.6
47,171.3
728.3
47,392.9
30,312.4
17,080.5
118.0
59.3
58.4
0.9
58.7
37.5
21.2
Dec-21 Q4
94,452.0
49,082.7
48,453.9
628.8
45,369.3
31,823.5
13,545.8
117.0
60.8
60.0
0.8
56.2
39.4
16.8
2022 Mar-22 Q1
98,534.3
52,494.3
51,927.3
567.0
46,040.0
33,164.9
12,875.1
103.7
55.2
54.6
0.6
48.4
34.9
13.5
Jun-22 Q2
100,422.6
54,595.5
54,201.1
394.4
45,827.1
32,323.9
13,503.2
105.7
57.4
57.0
0.4
48.2
34.0
14.2
Sep-22 Q3
101,302.1
56,473.5
55,676.3
797.2
44,828.6
31,911.1
12,917.5
106.6
59.4
58.6
0.8
47.2
33.6
13.6
Dec-22 Q4
107,218.1
59,242.9
58,644.3
598.6
47,975.2
33,099.0
14,876.2
112.8
62.3
61.7
0.6
50.5
34.8
15.7
2023 Mar-23 Q1
112,125.9
64,605.6
64,193.7
411.9
47,520.3
33,250.9
14,269.4
110.1
63.4
63.0
0.4
46.6
32.6
14.0
Jun-23 Q2
117,295.7
67,312.1
67,035.9
276.2
49,983.6
34,063.3
15,920.3
115.1
66.1
65.8
0.3
49.1
33.4
15.6
Sep-23 Q3
120,262.8
68,485.6
67,712.9
772.7
51,777.2
36,520.3
15,256.9
118.0
67.2
66.5
0.8
50.8
35.8
15.0
Dec-23 Q4
125,954.2
73,702.2
72,775.1
927.1
52,252.0
38,105.3
14,146.7
123.6
72.3
71.4
0.9
51.3
37.4
13.9
2024 Mar-24 Q1
127,056.2
75,030.2
74,104.8
925.4
52,026.0
38,456.0
13,570.0
116.9
69.0
68.2
0.9
47.9
35.4
12.5
Jun-24 Q2
130,654.6
77,322.7
76,462.8
859.9
53,331.9
39,901.9
13,430.0
120.2
71.2
70.4
0.8
49.1
36.7
12.4
Sep-24 Q3
135,068.9
80,288.1
79,251.1
1,037.0
54,780.8
40,927.5
13,853.3
124.3
73.9
72.9
1.0
50.4
37.7
12.7
Dec-24 Q4
144,947.3
82,590.2
81,610.3
979.9
62,357.1
42,273.3
20,083.8
133.4
76.0
75.1
0.9
57.4
38.9
18.5
2025 Mar-25 Q1
146,796.9
84,913.0
84,018.0
895.0
61,883.9
41,378.0
20,505.9
123.0
71.2
70.4
0.7
51.9
34.7
17.2
Jun-25 Q2
149,005.7
86,575.5
85,781.1
794.4
62,430.2
42,096.7
20,333.5
124.9
72.5
71.9
0.7
52.3
35.3
17.0
Sep-25 Q3
150,269.4
88,056.6
87,311.7
744.9
62,212.8
42,870.9
19,341.9
125.9
73.8
73.2
0.6
52.1
35.9
16.2
Dec-25 Q4
154,826.8
91,659.5
90,758.3
901.2
63,167.3
43,615.2
19,552.1
129.7
76.8
76.1
0.8
52.9
36.5
16.4
Source: Ministry of Finance and Public Enterprises, Maldives Bureau of Statistics
1/Figures from Q1 2024 to Q3 2025 have been revised as per the 'Quarterly Debt Bulletin 2025 Q4' published by th Ministry of Finance and Public Enterprises.
2/Debt 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.