The World Bank says the government has sold MVR 64 billion worth of T-Bills through the Maldivian financial sector so far.

The government is opening up T-Bills for sale every week. The T-Bills are sold at an interest rate of between 3.5 per cent and 4.6 per cent for a period of between one month and one year.

According to the World Bank's Seeking Stability in Turbulent Terms report, the number of T-Bills sold through the Maldivian banking sector and pension funds has increased significantly. The amount of loans disbursed to government-owned companies stood at MVR 5.9 billion. Government debt accounts for 36 percent of banks' total assets, the report said.

The report said that 68 per cent of the total assets of other financial institutions such as pension offices belong to the government.

According to the Finance Ministry, Maldivess' domestic debt has reached MVR 74 billion.

According to the World Bank, Maldives' total debt stands at MVR 126 billion.