The state debts has surged to a mountain high level for the first time in the history of Maldives. In a recently released statics from the Ministry of Finance and Treasury shows that the Maldivian National Debt has increase to MVR 73 billion.
The report relieves the current debt up till June 2020 which is the national debt stands at MVR 73.9 billion with foreign debts coming up to MVR 37.7 billion and internall debt mounting to MVR 36 billion.
According to the current annual budget MVR 37 billion was passed by parliament for this year but with the extra spending the government has deficit of MVR 6 billion.
As of now the government loan standing shows that 115 loans has been taken from various organization for past 41 years and 76 loans has been paid off with 39 loans are pending payments. The report has also showed that the current government has taken 12 loans currently this year and has received MVR 222 million from various loans and aid grants
While huge accusations of mega corruption looms the current administration the finance minister has confirmed another 700 million has been assured to the country with USD 345 million are now being signed for.