MVR 583 mln spent on loan repayment

The state has spent MVR 583.3 million for repayment thus far this year.

The Finance Ministry expects to spend MVR three billion on loan repayment throughout the year.

According to the Weekly Fiscal Report issued by the Finance Ministry, MVR 583.3 million was spent on loan repayment. The state spent MVR 170.2 million for the purpose during the same period last year.

The government has announced special debt management policies to tackle the rising national debt. The strategy targets to reduce the state's direct debt to GDP to 105 percent by the end of 2023. It also targets to reduce the primary budget deficit to five percent of the GDP by the end of 2023.