🇲🇻 Maldives
Public Sector Debt · 2026
Total Debt
152.9%
of GDP
Global Rank
#11
of 192
S&P Rating
B-
Credit rating
SOE Debt
+17.0%
2 categories
Where the Debt Sits
Central Government
Central Government: 135.9%Infrastructure: 12.7%Public Corps: 4.3%
Full Debt Breakdown
Central Government135.9% of GDP
Central GovernmentIMF WEO — General Government Debt
135.9%Infrastructure SOEs12.7% of GDP
Housing Development Corp (HDC) & FDCIMF 2024 Article IV DSA; World Bank~60% of guaranteed external SOE loans. Housing-related external debt.
10.6%MTCC (transport & construction)Maldives Financial ReviewState transport and infrastructure company.
2.1%Public Corporations4.3% of GDP
State Trading Organization (STO)IMF 2024 Article IVLargest SOE, handles fuel and staple imports.
4.3%Total Corporate Debt34.4% of GDP
NF corporate debt (est.)WB WDI 2020
34.4%Household Debt18.5% of GDP
Household debt (est.)WB WDI 2020
18.5%State Bank Liabilities5.0% of GDP
Bank of Maldives (BML, govt ~48% stake)Bank of Maldives Annual Report 2024Largest bank. Pro-rata non-deposit borrowings.
5.0%All Layers Total210.8%
Credit Ratings
S&P
B-
Moody's
Caa2
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 2026135.9% GDP
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