Central government and publicly guaranteed external debt
- Latest
- US$3.59bn
- Q2 2026
- On a year earlier
- −11.2%
- same period last year
- Trend growth, 9 years
- 11.4% a year
- least-squares fit, R² 0.81
The whole record
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What the numbers say
Short term
The latest readings- The latest figure is US$3.59 billion for Q2 2026, down 11.7% from Q1 2026 and down 11.2% on the same quarter a year earlier.
- The change on a year earlier averaged −4.9% over the last two quarters, against +7.2% in the two quarters before: the year-on-year change has turned negative.
Long term
The record as a whole- Trend growth over the past 9 years is 11.4% a year (least-squares fit on the logarithm; R² 0.81, a close fit, so the series has followed a steady path).
- Measured end to end, compound growth is 4.7% a year over five years.
- The record high was US$4.09 billion in Q4 2025; the latest is 12.1% below it.
- Year-on-year growth has typically varied by about 8 percentage points (one standard deviation) over the past five years.
How to read this series
External debt. What the government, the borrowers it guarantees and the banks owe to foreign creditors, and what the government pays each period in principal and interest. Debt service is the call on foreign currency that reserves and export earnings have to meet.
- Shown in current prices (nominal). Part of any long-run rise reflects inflation rather than a larger real amount.
- A stock: it is the amount outstanding at the end of each quarter, not activity during it, so periods are never added together.
- Recent periods are often revised as fuller data arrive. The version comparison below shows what MMA has changed since this site began keeping copies.
Terms such as percentage points, flows and stocks, and trend growth are explained in How to read the tracker.
Revisions
This site holds one version of this series so far, first stored on 6 Oct 2026. Each time MMA adds a period or revises a past figure, a new version is kept alongside the old one and the two are charted against each other here.
| Version | Stored | MMA updated | Covers | Added | Revised | Removed |
|---|---|---|---|---|---|---|
| 1 (current) | 6 Oct 2026 | 24 Aug 2026 | Q4 2007 – Q2 2026 | — | — | — |
Sorted by Version, descending.
All figures
Every period on record, newest first. Sort by any column, filter, copy the table or download it as CSV.
| Q2 2026 | US$3.59 billion | −11.2% |
|---|---|---|
| Q1 2026 | US$4.07 billion | +1.4% |
| Q4 2025 | US$4.09 billion | +1.1% |
| Q3 2025 | US$4.03 billion | +13.2% |
| Q2 2025 | US$4.05 billion | +17.1% |
| Q1 2025 | US$4.01 billion | +18.9% |
| Q4 2024 | US$4.04 billion | +19.2% |
| Q3 2024 | US$3.56 billion | +6.1% |
| Q2 2024 | US$3.46 billion | +6.4% |
| Q1 2024 | US$3.38 billion | +9.3% |
| Q4 2023 | US$3.39 billion | +8.9% |
| Q3 2023 | US$3.36 billion | +15.3% |
| Q2 2023 | US$3.25 billion | +9.3% |
| Q1 2023 | US$3.09 billion | +3.1% |
| Q4 2022 | US$3.12 billion | +5.7% |
| Q3 2022 | US$2.91 billion | −5.3% |
| Q2 2022 | US$2.97 billion | +3.9% |
| Q1 2022 | US$3 billion | +0.8% |
| Q4 2021 | US$2.95 billion | +3.1% |
| Q3 2021 | US$3.08 billion | — |
| Q2 2021 | US$2.86 billion | — |
| Q1 2021 | US$2.97 billion | — |
| Q4 2020 | US$2.86 billion | +26.5% |
| Q4 2019 | US$2.26 billion | +12.7% |
| Q4 2018 | US$2 billion | +75.1% |
| Q4 2017 | US$1.14 billion | +25.8% |
| Q4 2016 | US$910.1 million | +31.5% |
| Q4 2015 | US$692.2 million | −6.0% |
| Q4 2014 | US$736.2 million | −16.0% |
| Q4 2013 | US$876.7 million | +18.0% |
| Q4 2012 | US$742.9 million | +10.6% |
| Q4 2011 | US$671.6 million | +9.4% |
| Q4 2010 | US$614.1 million | +18.9% |
| Q4 2009 | US$516.5 million | +17.7% |
| Q4 2008 | US$438.8 million | +13.1% |
| Q4 2007 | US$388 million | — |
Sorted by Period, descending.
About this series
- Source
- Ministry of Finance and Planning
- Published by
- MMA Statistics Database, series 4506
- MMA table
- External Sector › External Debt and Debt Service › Total external debt outstanding
- Coverage
- Q4 2007 to Q2 2026 · 36 observations
- MMA updated
- 24 Aug 2026
- Last checked
- 22 Oct 2026
The analysis is calculated by Good Morning Maldives from the published figures; it describes the data and is not a forecast.