Maldives: public finances

What is the Maldives' debt-to-GDP ratio?

Public and publicly guaranteed debt in the Maldives was MVR 152,777.8 million at the end of June 2026, or 122.7% of GDP, according to the quarterly debt bulletin from the Ministry of Finance and Public Enterprises. It was 129.3% at the end of 2025 and 133.4% at the end of 2024.

Central government debt was MVR 133,634.0 million (107.4% of GDP), of which MVR 96,773.5 million was domestic and MVR 36,860.5 million external. Guaranteed debt was MVR 19,143.8 million (15.4%). External central government debt fell by MVR 6,429.4 million in the second quarter, as external bondholder debt of MVR 7,710.0 million no longer appears.

Official sources: Ministry of Finance: Quarterly Debt Bulletin, Q2 2026 (PDF)

How much does the Maldives owe China and India?

At the end of June 2026, the Maldives' central government owed MVR 10,289.7 million to the Export-Import Bank of India and MVR 7,363.3 million to the Export-Import Bank of China, according to the Ministry of Finance and Public Enterprises. These are its two largest external creditors.

Government-guaranteed external debt adds MVR 4,800.0 million to the Reserve Bank of India and MVR 3,290.0 million to the Export-Import Bank of India, and MVR 4,216.1 million to the Industrial and Commercial Bank of China, MVR 1,646.1 million to China Development Bank and MVR 1,380.6 million to the Export-Import Bank of China.

Official sources: Ministry of Finance: Quarterly Debt Bulletin, Q2 2026 (PDF)

What is the Maldives' budget for 2026?

The proposed budget for 2026 is MVR 64.2 billion, of which total expenditure is MVR 49.2 billion, according to the Ministry of Finance and Public Enterprises. Revenue and grants are forecast at MVR 40.4 billion, leaving an expected deficit of MVR 8.8 billion, or 7.1% of GDP.

In the first half of 2026, revenue and grants were MVR 22,495.4 million and expenditure MVR 23,811.7 million, giving an overall deficit of MVR 1,316.3 million, adding up monthly figures in Maldives in Figures. In the same months of 2025 there was a surplus of MVR 1,130.3 million. In both 2024 and 2025, business profit tax receipts were largest in January and July, according to the same tables.

Official sources: Ministry of Finance: National Budget · Maldives Bureau of Statistics: Maldives in Figures, June 2026 (PDF)

What is the Maldives' debt to GDP ratio?

According to the IMF, general government gross debt in the Maldives was 129.4% of GDP in 2025. Its high point since 2005 was 2020, at 150.3% of GDP; its low point was 2007, at 35.8% of GDP. Across South Asia the middle value was 90.5% of GDP, and the Maldives placed 1st highest of 6. Of 185 countries with 2025 data, 9th highest.

What is the Maldives' budget deficit?

According to the IMF, general government net lending or borrowing in the Maldives was -3.6% of GDP in 2025, which is a deficit. The peak was -2.4% of GDP in 2014 and the low -23.7% of GDP in 2020. It is 5th highest of 6 in South Asia, where the median is -2.9% of GDP. Worldwide: 118th of 188.

How much revenue does the Maldives' government raise?

In 2025, general government revenue in the Maldives was 33.3% of GDP, according to the IMF. The peak was 33.5% of GDP in 2023 and the low 19.1% of GDP in 2009. It is 1st highest of 6 in South Asia, where the median is 20.3% of GDP. Of 187 countries with 2025 data, 63rd highest.

How much does the Maldives' government spend?

The IMF puts general government spending in the Maldives at 37.0% of GDP in 2025. The peak was 50.4% of GDP in 2020 and the low 27.0% of GDP in 2013. South Asia median: 24.9% of GDP; the Maldives is 1st highest of 6. Worldwide: 63rd of 186.

What is the Maldives' tax to GDP ratio?

According to the IMF, central government tax revenue in the Maldives was 19.5% of GDP in 2021. Since 2005 it has ranged from 8.8% of GDP (2010) to 20.7% of GDP (2017). World rank, highest first: 43rd of 127.