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Maldives debtMaldives debt continues to rise at critical levels continues to rise at critical levels
The Maldives faces a significant economic challenge, with public debt reaching an alarming 134% of its GDP in 2024—a level widely regarded as dangerously high. This comes despite healthy real GDP growth of around five percent. Historically, the Maldives kept its debt well below this threshold. That changed in 2020, when the Covid-19 pandemic triggered a sharp deterioration. The debt-to-GDP ratio almost doubled, rising from 77 percent in 2019 to 152 percent in 2020. Two factors drove this surge. First, GDP—the denominator in the ratio—contracted by 35 percent. Second, public debt—the numerator—increased by 28 percent as the government borrowed to fund higher spending and offset collapsing revenues. As the economy rebounded and GDP normalised in 2021, the debt ratio fell to 117 percent. However, it remained far above its pre-pandemic level. In subsequent years, the government failed to prioritise debt reduction. Instead, borrowing continued apace, with fiscal deficits rising. Public debt grew at an average annual rate of 15 percent, outpacing nominal GDP growth, which averaged just 10.7 percent per year. The result has been an increase in the debt ratio—deepening risks to the country’s long-term financial stability. Addressing this issue is critical. High debt levels increase the cost of interest payments, diverting resources from essential services such as healthcare, education, and infrastructure. In addition, unsustainably high debt undermines the government’s ability to borrow further, as lenders grow wary of the risks. Without prompt and responsible fiscal management, the Maldives risks sliding into a period of heightened economic and financial instability. Exhibit 1: Maldives’ debt and GDP growth indicators Year Debt to GDP Debt (MVR Mn) Debt Growth Real GDP Growth Nominal GDP Growth 2019 77% 67,957 13% 6.9% 6% 2020 152% 86,760 28% -32.9% -35% 2021 117% 94,452 9% 37.5% 41% 2022 113% 106,988 13% 13.8% 18% 2023 124% 125,954 18% 4.7% 7% 2024 134% 144,975 15% 5.1% 7%
විදසුන්
Maldives debtMaldives debt continues to rise at critical levels continues to rise at critical levels
The Maldives faces a significant economic challenge, with public debt reaching an alarming 134% of its GDP in 2024—a level widely regarded as dangerously high. This comes despite healthy real GDP growth of around five percent. Historically, the Maldives kept its debt well below this threshold. That changed in 2020, when the Covid-19 pandemic triggered a sharp deterioration. The debt-to-GDP ratio almost doubled, rising from 77 percent in 2019 to 152 percent in 2020. Two factors drove this surge. First, GDP—the denominator in the ratio—contracted by 35 percent. Second, public debt—the numerator—increased by 28 percent as the government borrowed to fund higher spending and offset collapsing revenues. As the economy rebounded and GDP normalised in 2021, the debt ratio fell to 117 percent. However, it remained far above its pre-pandemic level. In subsequent years, the government failed to prioritise debt reduction. Instead, borrowing continued apace, with fiscal deficits rising. Public debt grew at an average annual rate of 15 percent, outpacing nominal GDP growth, which averaged just 10.7 percent per year. The result has been an increase in the debt ratio—deepening risks to the country’s long-term financial stability. Addressing this issue is critical. High debt levels increase the cost of interest payments, diverting resources from essential services such as healthcare, education, and infrastructure. In addition, unsustainably high debt undermines the government’s ability to borrow further, as lenders grow wary of the risks. Without prompt and responsible fiscal management, the Maldives risks sliding into a period of heightened economic and financial instability. Exhibit 1: Maldives’ debt and GDP growth indicators Year Debt to GDP Debt (MVR Mn) Debt Growth Real GDP Growth Nominal GDP Growth 2019 77% 67,957 13% 6.9% 6% 2020 152% 86,760 28% -32.9% -35% 2021 117% 94,452 9% 37.5% 41% 2022 113% 106,988 13% 13.8% 18% 2023 124% 125,954 18% 4.7% 7% 2024 134% 144,975 15% 5.1% 7%
විදසුන්
Maldives debtMaldives debt continues to rise at critical levels continues to rise at critical levels
The Maldives faces a significant economic challenge, with public debt reaching an alarming 134% of its GDP in 2024—a level widely regarded as dangerously high. This comes despite healthy real GDP growth of around five percent. Historically, the Maldives kept its debt well below this threshold. That changed in 2020, when the Covid-19 pandemic triggered a sharp deterioration. The debt-to-GDP ratio almost doubled, rising from 77 percent in 2019 to 152 percent in 2020. Two factors drove this surge. First, GDP—the denominator in the ratio—contracted by 35 percent. Second, public debt—the numerator—increased by 28 percent as the government borrowed to fund higher spending and offset collapsing revenues. As the economy rebounded and GDP normalised in 2021, the debt ratio fell to 117 percent. However, it remained far above its pre-pandemic level. In subsequent years, the government failed to prioritise debt reduction. Instead, borrowing continued apace, with fiscal deficits rising. Public debt grew at an average annual rate of 15 percent, outpacing nominal GDP growth, which averaged just 10.7 percent per year. The result has been an increase in the debt ratio—deepening risks to the country’s long-term financial stability. Addressing this issue is critical. High debt levels increase the cost of interest payments, diverting resources from essential services such as healthcare, education, and infrastructure. In addition, unsustainably high debt undermines the government’s ability to borrow further, as lenders grow wary of the risks. Without prompt and responsible fiscal management, the Maldives risks sliding into a period of heightened economic and financial instability. Exhibit 1: Maldives’ debt and GDP growth indicators Year Debt to GDP Debt (MVR Mn) Debt Growth Real GDP Growth Nominal GDP Growth 2019 77% 67,957 13% 6.9% 6% 2020 152% 86,760 28% -32.9% -35% 2021 117% 94,452 9% 37.5% 41% 2022 113% 106,988 13% 13.8% 18% 2023 124% 125,954 18% 4.7% 7% 2024 134% 144,975 15% 5.1% 7%
විදසුන්
Maldives debtMaldives debt continues to rise at critical levels continues to rise at critical levels
The Maldives faces a significant economic challenge, with public debt reaching an alarming 134% of its GDP in 2024—a level widely regarded as dangerously high. This comes despite healthy real GDP growth of around five percent. Historically, the Maldives kept its debt well below this threshold. That changed in 2020, when the Covid-19 pandemic triggered a sharp deterioration. The debt-to-GDP ratio almost doubled, rising from 77 percent in 2019 to 152 percent in 2020. Two factors drove this surge. First, GDP—the denominator in the ratio—contracted by 35 percent. Second, public debt—the numerator—increased by 28 percent as the government borrowed to fund higher spending and offset collapsing revenues. As the economy rebounded and GDP normalised in 2021, the debt ratio fell to 117 percent. However, it remained far above its pre-pandemic level. In subsequent years, the government failed to prioritise debt reduction. Instead, borrowing continued apace, with fiscal deficits rising. Public debt grew at an average annual rate of 15 percent, outpacing nominal GDP growth, which averaged just 10.7 percent per year. The result has been an increase in the debt ratio—deepening risks to the country’s long-term financial stability. Addressing this issue is critical. High debt levels increase the cost of interest payments, diverting resources from essential services such as healthcare, education, and infrastructure. In addition, unsustainably high debt undermines the government’s ability to borrow further, as lenders grow wary of the risks. Without prompt and responsible fiscal management, the Maldives risks sliding into a period of heightened economic and financial instability. Exhibit 1: Maldives’ debt and GDP growth indicators Year Debt to GDP Debt (MVR Mn) Debt Growth Real GDP Growth Nominal GDP Growth 2019 77% 67,957 13% 6.9% 6% 2020 152% 86,760 28% -32.9% -35% 2021 117% 94,452 9% 37.5% 41% 2022 113% 106,988 13% 13.8% 18% 2023 124% 125,954 18% 4.7% 7% 2024 134% 144,975 15% 5.1% 7%
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2023 අයවැය
2023 අයවැය
2023 අයවැය පිළිබඳ සවිස්තරාත්මක විශ්ලේෂණය.
Will the budget's veil of secrecy be lifted in 2024?
The lack of transparency on the implementation progress of proposals in budget speeches has increased sharply in 2022 and 2023, according to a systematic evaluation conducted by Verité Research. The governme...
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මූලාශ්රය:
Daily FT
Verité Research says progress unknown of 2023 Budg...
Verité Research on Wednesday revealed that Budget 2023 proposals to the value of Rs. 43.8 billion or 89% of the funds allocated, the Government was not able to provide information on progress.
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මූලාශ්රය:
Daily News
Economy witnessed gradual revival in 2023 – CBSL
The Central Bank of Sri Lanka reported a gradual economic revival in 2023, following the country's most severe post-Independence downturn. Th...
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මූලාශ්රය:
Economy Next
Sri Lanka parliament nod for 2023 budget with high...
Sri Lanka’s parliament passed 2023 budget that has proposed higher taxes and some basic reforms to content the International Monetary Fund (IMF) and secure $2.9 billion loan from the global lender to move out of the island nation&rsquo...
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විදසුන් කියවන්න: 2023 අයවැය
Inadequacy of Sri Lanka's budget process
As taxpayers, you fund the national budget. But do you know whether...
Parliamentary Budget Office and Public F...
The recently enacted Public Financial Man...
අයවැය විනිවිදභාවය - රටවල් 125 ක් අතරින්...
ජාතික අයවැය චක්රවල විනිවිදභාවය තක්සේ...
2023 End Year Budget Promises Study: Tra...
The 2023 End Year Budget Promises Assessm...
මහජන මුදල්වලින් 89%ක්ම වෙන් කර තිබූ අයවැ...
2023 අයවැය කතාවට ඇතුළත් කර තිබූ වටිනාකම ව...
2023 වසරේ ශ්රී ලංකාවේ මූල්ය කාර්ය සාධන...
2023 වසරේ ශ්රී ලංකාවේ මූල්ය කාර්ය සාධනය වැඩිදියුණු කිරීම් සහ පවතින අභියෝගවල මිශ්ර...
National Budget Process in 60 Seconds!
The video below describes the National Budget process from planning...
Will the budget's veil of secrecy be lif...
The lack of transparency on the implementation progress of proposals...
Sri Lanka's best kept secret
The lack of fiscal transparency is a key factor that contributed to...
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මූල්ය නීතී උල්ලංඝනය කිරීම: අයවැය 2024
යෝජිත 2024 අයවැය මගින්, 2003 රාජ්ය මූල්ය කළමනාකරණ (වගකීම්) පනතේ නියම කර ඇති දළ දේශීය නිෂ්පාදිතයෙන් 5% ක හිඟ නීතිය උල්ලංඝනය කරයි.
වැඩිදුර කියවන්න
Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance
වැඩිදුර කියවන්න
Sri Lanka’s Revenue: What Changed Between 2021 and...
Between 2021 and 2024, Sri Lanka’s government revenue and grants rose from 8.3% to 13.7% of GDP— a 65% increase in just three years. This marks a significant turnaround from the historic low of 2021, when tax cuts substantially r...
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