The record
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- The Maldives government has settled the final $50 million tranche of a $150 million loan originally subscribed by the State Bank of India in 2019.
- While the Maldives covered the principal amount, the Indian government had previously paid approximately $45 million in interest over the past five years.
- This repayment leaves the Maldives' foreign exchange reserves below $600 million, highlighting the country's ongoing struggle with public debt and liquidity issues.
What to watch next
- Impact of the loan repayment on Maldives foreign exchange reserves
- Potential future financial support measures from India
- Stability of the Maldives economy amid ongoing liquidity stresses
Who said what2
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Randhir Jaiswal
2 quotes · 1 outlet
“The total amount paid by India in interest settlement was close to $45 million”
In the article
…a year. While the principal amount of the treasury bills was paid by the Maldives government, the interest payment on the treasury bills worth $150 million over the past five years was borne by the Indian government. “ The total amount paid by India in interest settlement was close to $45 million ,” Jaiswal said. Noting that India has a longstanding development partnership with the Maldives, Jaiswal said New Delhi also extended a currency swap facility of ₹30 billion to the Maldives to support the country’s…
“In addition, the SBI has also subscribed to treasury bonds worth $350 million, which are valid till 2029 and 2030”
In the article
…Noting that India has a longstanding development partnership with the Maldives, Jaiswal said New Delhi also extended a currency swap facility of ₹30 billion to the Maldives to support the country’s financial system. “ In addition, the SBI has also subscribed to treasury bonds worth $350 million, which are valid till 2029 and 2030 ,” Jaiswal said. Apart from financial cooperation, India supplies essential commodities to the Maldives as part of a development cooperation partnership, he said. The repayment of the Indian loan will result in the…
Coverage1
All filed from India
Named Maldives · India · Maldivian Monetary Authority · Mohamed Muizzu · Narendra Modi · Randhir Jaiswal · State Bank of India
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