President Dr Mohamed Muizzu said the government has repaid a USD 50 million loan due on today, which is part of loans taken out by the previous government.
Speaking during his weekly press briefing at the President’s Office, President Muizzu said the payment related to a loan obtained from India during the former government.
“We have paid off the USD 50 million loan due today,” he said.
“We have paid off the USD 50 million loan taken by the previous government to be repaid on May 11.”
According to the President, the government has repaid USD 974 million in debt over the past 40 days, including USD 524 million in sukuk repayments and USD 400 million in currency swap obligations.
President Muizzu said the previous administration had taken three separate USD 50 million loans from India in 2019 , on 17 March, 26 June and 1 October and had repeatedly rolled over the debt in subsequent years.
“The last government rolled over the USD 150 million every year in 2020, 2021 and 2022,” he said.
The President noted that one USD 50 million portion had already been repaid on 7 January 2024, while another installment was settled on today.
He said the remaining USD 50 million balance is due on 17 September and expressed confidence that it would also be repaid on schedule.
“We will save the people from the USD 150 million burden imposed by the previous government,” he said.
President Muizzu also criticized former senior officials for making comments that damaged investor confidence and harmed the Maldivian economy.
“I regret that those who have held high positions in the state are making unfounded statements to create unrest among the people and create a bad image about the Maldives,” he said.
President Muizzu made the remarks in response to comments made by former President Mohamed Nasheed during the 10th Indian Ocean Dialogue in New Delhi last week, where Nasheed questioned how the government was using foreign loans and grants.
Nasheed had argued that the government should present a clearer programme for managing debt and utilizing financial assistance provided by India and other partners.
