The Maldivian government has repaid the final USD 50 million instalment of a USD 150 million Treasury Bill facility obtained through the State Bank of India (SBI) in 2019 under the administration of former President Ibrahim Mohamed Solih.
The Ministry of Finance and Public Enterprises said the facility, which was secured by the previous government to support budget financing, was repaid in instalments. The current administration repaid USD 50 million in January 2024 and another USD 50 million on 11 May 2026.
With the repayment of the remaining USD 50 million, the government has now fully settled the debt under the facility.
The Finance Ministry said arrangements were in place to ensure that the repayment would not affect the availability of foreign currency needed to import essential goods, including food, fuel and medical supplies.
According to figures from the Maldives Monetary Authority (MMA), the Maldives had approximately USD 644 million in official reserves at the end of August 2024.
The government said claims that the repayment could create difficulties in obtaining foreign currency for essential imports were unfounded.
The Finance Ministry said the government was prioritising prudent and forward-looking debt management. It said work was under way to ensure that funds were deposited into the Sovereign Development Fund in accordance with regulations and that financial arrangements were made well ahead of debt repayment dates.
The ministry also said the government was holding high-level consultations with international financial institutions and development partners. It said the discussions were progressing successfully and were expected to further strengthen the country's foreign currency reserves.
The government said responsible debt management and strengthening national reserves remained priorities, alongside ensuring uninterrupted access to essential goods and basic services for the public.