$50 Million T-bill Settled, Fuel and Staple Food Supplies Secured: Finance Ministry

The Ministry of Finance has assured the public that the Maldives has secured sufficient foreign exchange to maintain the uninterrupted import of fuel, staple foods, medicines and other essential commodities.

The assurance was issued in response to claims that the Maldives would face difficulties financing essential imports after paying the final $50 million installment of a Treasury bill facility.

The Ministry strongly rejected these claims, describing them as entirely baseless. It stated that all necessary financial arrangements are already in place to ensure that the debt payment does not disrupt the import or availability of essential goods.

The $50 million paid today was the final installment of the $150 million budget-support facility obtained through the State Bank of India in 2019. The Ministry emphasized that settling the debt will not weaken the Government’s ability to meet the country’s essential needs.

Ensuring the continuous supply of fuel, staple foods, medicines and other necessities remains one of the Government’s highest priorities, the Ministry said. It assured the public that essential imports and basic services will continue without interruption.

According to Maldives Monetary Authority data, the country’s official reserves stood at approximately $644 million at the end of August 2024.

The Ministry also highlighted the Government’s policy of preparing for debt repayments well ahead of their maturity dates. Regular deposits into the Sovereign Development Fund are continuing as scheduled to strengthen the country’s capacity to meet future financial obligations.

Meanwhile, discussions with international financial institutions and development partners are progressing successfully. The Ministry expressed confidence that these engagements will provide further support to the Maldives’ foreign exchange reserves and reinforce the country’s economic stability.