Govt expects MVR 4.5 bln debt repayment in 2027, says Finance Minister Zareer

Finance Minister Hassan Zareer has stated that it is estimated that MVR 4.5 billion will be spent on repaying debt in the year 2027. Delivering the budget speech to the People’s Majlis for the proposed state budget of 2027, the minister said that this year marks a historic one where the state budget has allocated a record amount of expenditure to relieve citizens from the burden of the large debt. The minister stated that the government had made all necessary preparations to repay the large debts taken by previous administrations. Noting that the government has already repaid MVR 10.4 billion as debt so far this year, Finance Minister Hassan Zareer said that without taking on additional debt, the total amount spent on debt repayment by the end of the year is estimated at MVR 11.7 billion. “By repaying and clearing these debts, the amount the government will need to spend on debt repayment next year has been reduced. Accordingly, it is estimated that MVR 4.5 billion will be spent on repaying debt in 2027. This is an important step taken by the government to reduce the debt burden for future generations,” the minister said. Furthermore, the minister stated that the positive outcome of the government's steps in debt repayment has established confidence among international financial institutions and upgraded the rating given to the country by rating agencies, calling it an important financial achievement for the country.