Maldives Clears Remaining USD 50 Million of India-Backed Treasury Bill Facility
President Dr Mohamed Muizzu (R) and India’s Prime Minister Narendera Modi shake hands at a ceremony held in President’s Office on July 25, 2025 | Photo: Presdient’s Office
The Maldivian government has fully repaid the final USD 50 million instalment of a USD 150 million Treasury bill facility obtained through the State Bank of India (SBI), bringing the outstanding facility to an end.
The USD 150 million facility was secured by the previous administration in 2019 to support the state budget and was structured through three Treasury bills. The final USD 50 million instalment was due for repayment today.
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According to the Ministry of Finance, this facility, secured by the previous administration to raise funds for the state budget, was repaid in phased stages. Under these arrangements, the present government paid USD 50 million in January 2024 and a further USD 50 million on 11 May of this year.
The Ministry of Finance stated that with today’s settlement of the remaining USD 50 million upon reaching its due date, the entire debt facility contracted under this arrangement has now been cleared in full. The repayment of the final tranche means the full USD 150 million Treasury bill facility has now been settled.
The ministry further said that official reserves stood at USD 644 million at the end of August 2026. However, data from the Maldives Monetary Authority (MMA) show that net usable reserves, the liquid foreign exchange available for essential imports, decreased by 9.6 per cent, falling from USD 221.9 million in July to USD 200.6 million at the end of August.
Despite settling this substantial debt figure, the Ministry of Finance reassured the public in an official statement that foreign exchange arrangements remain fully in place to ensure the uninterrupted import of essential commodities, including food, fuel, and medical supplies.
