Maldives has fully repaid a USD150 million treasury bill facility obtained by the previous administration of former President Ibrahim Mohamed Solih through the State Bank of India (SBI) in 2019.
The Finance Ministry said the final installment of USD50 million was paid today, settling the facility in full.
The debt was repaid in three instalments. The government paid USD50 million in January 2024, another USD50 million on May 11, and the final USD50 million today.
The government said arrangements had been made to ensure continued access to foreign exchange for imports of oil, essential food items and other essential commodities following the repayment.
According to the Finance Ministry, the Maldives’ official reserves currently stand at about USD644 million. The ministry said claims that repayment of the debt could create difficulties in procuring essential goods are baseless.
The ministry said the government is prioritizing timely and planned management of public debt through measures including:
- Regular deposits into the Sovereign Development Fund;
- Making financial arrangements well in advance of debt repayment deadlines; and
- Maintaining dialogue with international financial institutions and development partners.
“These measures will further boost Maldives foreign exchange reserves,” the ministry said.
The government said it aims to manage public debt responsibly, strengthen foreign exchange reserves and ensure continuity of essential services.
