India has given the Maldives the green signal to extend the repayment deadline for USD150 million of a USD200 million debt. The loan was secured by the previous government upon assuming office in 2019.
Speaking at a press conference held in the President's Office, Minister of Foreign Affairs Moosa Zameer disclosed that USD50 million of the USD200 million owed to India was repaid in January this year. He emphasised that the Indian government has not made any demands in exchange for extending the repayment period of the remaining USD150 million. He also said that India has signaled its approval for this extension.
During his recent trip to India, Minister Zameer pledged ongoing support from the Maldives during challenging times. He highlighted India's positive stance towards the requirements of the Maldives and assured continued assistance, particularly during critical periods. In addition, he noted that the debt burden had significantly increased under the previous administration and affirmed the current government's efforts to explore feasible repayment strategies.