Table 6.5 Public and Publicly Guaranteed Debt of Central Government, 2021 - 2026 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
123.7
72.4
71.4
0.9
51.3
37.4
13.9
2024
144,947.2
82,590.2
81,610.3
979.9
62,357.0
42,273.2
20,083.8
133.8
76.2
75.3
0.9
57.5
39.0
18.5
2025
154,167.5
91,094.2
90,222.5
871.7
63,073.3
43,599.0
19,474.3
129.2
76.3
75.6
0.7
52.8
36.5
16.3
2021 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
46.7
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
115.2
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
118.1
67.2
66.5
0.8
50.8
35.9
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
123.7
72.4
71.4
0.9
51.3
37.4
13.9
2024 Mar-24 Q1
127,056.0
75,030.2
74,104.8
925.4
52,025.8
38,455.8
13,570.0
117.2
69.2
68.4
0.9
48.0
35.5
12.5
Jun-24 Q2
130,654.5
77,322.7
76,462.8
859.9
53,331.8
39,901.8
13,430.0
120.6
71.4
70.6
0.8
49.2
36.8
12.4
Sep-24 Q3
135,068.8
80,288.1
79,251.1
1,037.0
54,780.7
40,927.4
13,853.3
124.6
74.1
73.1
1.0
50.6
37.8
12.8
Dec-24 Q4
144,947.2
82,590.2
81,610.3
979.9
62,357.0
42,273.2
20,083.8
133.8
76.2
75.3
0.9
57.5
39.0
18.5
2025 Mar-25 Q1
146,796.7
84,913.0
84,018.0
895.0
61,883.7
41,377.8
20,505.9
123.0
71.1
70.4
0.7
51.8
34.7
17.2
Jun-25 Q2
149,001.4
86,575.2
85,780.8
794.4
62,426.2
42,092.7
20,333.5
124.8
72.5
71.9
0.7
52.3
35.3
17.0
Sep-25 Q3
150,288.7
88,091.3
87,346.4
744.9
62,197.4
42,866.9
19,330.5
125.9
73.8
73.2
0.6
52.1
35.9
16.2
Dec-25 Q4
154,167.5
91,094.2
90,222.5
871.7
63,073.3
43,599.0
19,474.3
129.2
76.3
75.6
0.7
52.8
36.5
16.3
2026 Mar-26 Q1
155,016.5
92,274.0
91,465.2
808.8
62,742.5
43,289.9
19,452.6
124.5
74.1
73.5
0.6
50.4
34.8
15.6
Jun-26 Q2
152,777.8
97,353.3
96,773.5
579.8
55,424.5
36,860.5
18,564.0
122.7
78.2
77.8
0.5
44.5
29.6
14.9
Source: Ministry of Finance and Public Enterprises, Maldives Bureau of Statistics
1/Figures from Q3 2023 to Q1 2026 have been revised as per the 'Quarterly Debt Bulletin 2026 Q2' published by the Ministry of Finance and Public Enterprises.
2/Debt as a percentage of GDP has been calculated using Nominal GDP for the year. Figures for 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.