External debt

External debt, published statistics from MMA. Millions of USD. Reserve assets are on the External assets page.

External debt outstanding

4.42 bn

USD, as at Mar 2026

External debt, % of GDP

55%

Mar 2026

Debt service ratio i

5.5%

2025, of exports

Reserves, % of external debt i

16%

Jun 2026

External debt outstanding

Millions of USD, as published.

External debt

Who owes it

USD millions, 2025. Central government's own borrowing, debt it has guaranteed for others (mainly state-owned enterprises), and banks' own external borrowing.

Central government (direct) USD 2.83 bn · 64%

Publicly guaranteed (SOEs etc.) USD 1.26 bn · 28%

Banks' own external debt USD 344 m · 8%

Central government debt, by creditor

USD millions, 2025. Who the government actually borrows from.

Buyers credit USD 1.28 bn · 45%

Debt securities (bonds/sukuk) USD 600 m · 21%

Multilateral (World Bank, ADB, IMF etc.) USD 486 m · 17%

Bilateral (other governments) USD 460 m · 16%

Debt service: borrowing vs. repaying

USD millions, 2025. New disbursements (money drawn down) against debt service (principal plus interest actually paid that year), for central government external debt. In 2025, the government repaid more (USD 342 m) than it drew down in new borrowing (USD 280 m), making it a net repayment year.

New disbursements

USD 280 m

2025

Debt service paid

USD 342 m

principal + interest

Of which: principal

USD 236 m

2025

Of which: interest

USD 106 m

2025

Debt service ratio (% of exports)

Sovereign credit rating

Third-party assessment

How international agencies rate the Maldives' ability to repay its sovereign debt: the outside market's read on the external-debt and reserves position above. These are commercial opinions from private ratings agencies, not official Maldivian government data, and change rarely.

CCC-

Fitch Ratings

Upgraded from CC · 3 Jun 2026 · Cited the repayment of the sovereign Sukuk that matured in April 2026. · Fitch entity page

Caa2

Moody's Ratings · outlook stable

Affirmed; outlook revised from negative · Nov 2025 · Rating held at Caa2 with the outlook moved to stable.

Both are speculative-grade ("below investment grade") ratings: the band assigned to higher-risk sovereign borrowers. Shown as last published by each agency; ratings and outlooks are the property of the respective agencies. Verify current ratings at countryeconomy.com.