The Government's total debt rose to MVR 126 billion at the end of the first quarter of the current fiscal year, according to Finance Ministry's statistics.

According to the Finance Ministry's 'Quarterly Bulletin', the Government's debt increased by MVR 1.4 billion in the first three months. As per the statistics, internal debt increased by MVR 74 billion. State debt stood at MVR 124.8 billion at the end of last year.

According to the data, external debt stood at MVR 51.7 billion at the end of last fiscal, but declined to MVR 51.6 billion in the first three months.

The total amount of direct borrowing from the state stood at MVR 112 billion, while the amount guaranteed by the state stood at MVR 14 billion. The state's debt is currently 110 percent of GDP, while at the end of last year the country's debt stood at 116 percent of GDP.