Government Fully Repays $150 Million T-Bill Inherited from Previous Administration

The Government has successfully completed repayment of the entire $150 million Treasury bill facility obtained by the previous administration in 2019 through the State Bank of India.

The Ministry of Finance announced that the final installment of $50 million was paid today within the agreed repayment period, fully settling the budget-support facility taken during former President Ibrahim Mohamed Solih’s administration.

The current Government repaid the facility in three major installments:

• $50 million in January 2024

• $50 million on May 11, 2024

• The remaining $50 million paid today

With the final payment now completed, the full $150 million obligation has been cleared—a significant achievement demonstrating the Government’s commitment to responsible debt management, sound financial planning and the protection of the nation’s economic interests.

Essential Supplies Fully Secured

Despite the substantial repayment, the Ministry assured the public that foreign exchange arrangements are firmly in place to maintain the uninterrupted import of fuel, staple foods, medicines and other essential commodities.

The Ministry firmly rejected claims that the debt settlement could disrupt essential imports, describing such speculation as baseless.

According to statistics from the Maldives Monetary Authority, the country’s official reserves stood at approximately $644 million at the end of August 2024. The Government has emphasized that all necessary mechanisms have been secured to maintain a steady supply of essential goods to the Maldivian people.

Strong, Forward-Looking Debt Management

The Ministry said the Government is managing state debt through careful advance planning and strategic financial execution. Funds are being deposited regularly into the Sovereign Development Fund, while arrangements for upcoming obligations are being made well ahead of their maturity dates.

High-level discussions with international financial institutions, development partners and bilateral partners are also progressing successfully. These engagements are expected to further strengthen the Maldives’ foreign exchange reserves and reinforce the country’s financial stability.

The complete settlement of the $150 million facility marks a major milestone in the Government’s economic agenda and sends a strong message of fiscal responsibility and confidence.

The Government remains firmly committed to meeting the country’s financial obligations, strengthening national reserves, safeguarding essential imports and ensuring the continuous delivery of vital public services.