Government debt to reach Rs 156.2 billion by this year: Former finance minster Ameer

The government debt will reach Rs 156.2 billion by the end of this year, former Finance Minister Ibrahim Ameer said.

During a press conference held by the economic committee of the Maldivian Democratic Party (MDP) former minister Ameer said the country's debt is now increasing to the point where it did not increase even during the pandemic. The government debt stood at MVR 146.1 billion by the end of the first quarter of 2025, up from MVR 20 billion last year and MVR 12 billion this year, he said.

Debt increased during the pandemic because there was no other way. private individuals, small and medium enterprises and the economy of Maldives had to do what we had to do to hold on to the debt to sustain the economy,” he said.

He also noted that the black market rate of the dollar in Maldives has risen to an unprecedented level due to the policy of this government.