President thanks India for concessions in loan repayment

President Dr Mohamed Muizzu has extended thanks to the Indian government for concessions extended towards the repayment of USD 50 million from T-bonds sold by the government to State Bank of India (SBI).

India extended the loan repayment period for USD 50 million, increased food products quota, and also facilitated the use of the remaining funds from line of credit facility.

The President extended thanks for this at a special ceremony held at the President's Office today during the official visit of India's Minister of External Affairs Subrahmanyam Jayashankar.

During the ceremony, India handed over the completed projects where water supply and sewerage systems were established in 28 islands of Maldives through a USD 800 million line of credit extended by India's Exim Bank.

Speaking at the ceremony, President Muizzu said that the High Impact Community Development Projects (HICDPs) being run under Indian assistance is proof of the close relations between the two countries. He highlighted that these projects were contributing towards socio-economic development.

During the previous administration headed by Former President Ibrahim Mohamed Solih, Maldives had taken USD 200 million from SBI as budget support. Out of this, USD 50 million was granted as free aid. The remaining USD 150 million had been extended in the form of three USD 50 million T-bills.

In January, government completed repayment of one USD 50 million T-bill, leaving USD 100 million yet to be paid. While repayment of one of these T-bills was due in May, India extended the payment window by a year.

President Muizzu extended thanks to Indian Prime Minister Narendra Modi and President Droupadi Murmu, noting that India has always extended assistance towards various social and infrastructural development projects in the Maldives.

The President further thanked Minister Jaishankar for his readiness to extend assistance to Maldives, and for his efforts to strengthen Maldives-India relations. He included thanks to Indian High Commissioner to Maldives Munu Mahawar as well for efforts to maintain close tie between the countries.