Government Fully Settles $150 Million T-Bill Facility Secured Under Previous Administration

The government has fully settled a US$150 million Treasury Bill (T-Bill) facility secured through the State Bank of India (SBI) in 2019, with the final US$50 million payment made today, according to the Ministry of Finance and Public Enterprises.

The facility was secured during the administration of former President Ibrahim Mohamed Solih to meet state budgetary requirements.

The Ministry said the debt was repaid in three installments under the administration of President Dr. Mohamed Muizzu. The first US$50 million was paid in January 2024, followed by a second US$50 million payment on May 11, 2026. The remaining US$50 million was settled today, completing repayment of the entire facility.

The Finance Ministry also rejected recent claims that the country could face difficulties importing essential commodities as a result of its foreign debt obligations.

According to the ministry, the government has maintained arrangements to ensure that debt repayments do not disrupt the import of essential goods, including food, fuel and medicines.

Citing figures from the Maldives Monetary Authority (MMA), the ministry said the country’s official foreign exchange reserves currently stand at approximately US$644 million.

The ministry said efforts are also ongoing to regularly replenish the Sovereign Development Fund and ensure that financial arrangements for major debt repayments are secured well ahead of maturity dates.

It added that discussions with international financial institutions and bilateral partners are progressing, with these engagements expected to further strengthen the country’s foreign exchange reserves.

The Finance Ministry said the government remains focused on strategic debt management, strengthening national reserves and maintaining uninterrupted access to essential goods and public services.