USD 50 million payment settled for T-bills sold to SBI

May 11, 2026, 2:07 PM
Finance Minister Moosa Zameer.

Finance Minister Moosa Zameer.

President Mohamed Muizzu has announced that the government today settled an additional USD 50 million payment for Treasury bills (T-bills) sold to the State Bank of India (SBI) by the previous administration.

Speaking at a press conference held at the President's Office, Muizzu said that the payment for a USD 50 million "loan" taken from India was completed earlier this morning.

Although Muizzu referred to the repayment as a loan, the funds pertain to USD 150 million in T-bills sold to SBI as budget support through the mediation of the Indian government. The previous administration had rolled over this debt on three occasions.

Since assuming office, the current administration has already repaid USD 50 million of the total amount. Following that initial payment, the government requested the Indian government to rollover the remaining USD 100 million debt.

Muizzu further assured that the final USD 50 million installment would be settled by its due date on September 17 of this year.

With today’s USD 50 million payment to SBI, the Maldivian government has repaid a total of USD 974 million in debt over the past 40 days. This includes USD 524 million for a Sukuk issued by the previous government and the settlement of a USD 400 million currency swap facility with the Reserve Bank of India (RBI) utilized by the current administration.

Comments

Read More

Latest News

EyeCare offers 20 percent discount to mark World Sight Day

To celebrate World Sight Day, EyeCare is offering a 20 percent discount on selected frames with the purchase of prescription lenses through October. Available at all outlets, the promotion aligns with the "Love Your Eyes" theme to encourage eye health. Professionals are on hand to help customers choose the best options for their lifestyle.

Dhiraagu Maldives Junior Open to begin on December 13

Registration is open for the Dhiraagu Maldives Junior Open 2026, a badminton tournament running from December 13 to 19 in Malé. The event features various youth age groups and a Para category to foster local and international talent. Interested players must register by November 25 to compete in this endorsed sporting event.

MTCC has 6700 employees, most positions are contract-based

MTCC reports a workforce of 6,700 employees, with only 2,500 being permanent staff. Following a merger with the Road Development Corporation, the company’s headcount will grow by over 4,000, establishing a presence on every inhabited island. This expansion comes amid criticism over rapid hiring practices within state-owned enterprises.

Moody’s upgrades Maldives credit rating to Caa1

Moody’s has upgraded the Maldives' credit rating from Caa2 to Caa1 with a stable outlook, citing a reduced risk of default after successful debt payments. While the upgrade restores the rating to previous levels, the agency warns of a rising budget deficit and a high debt-to-GDP ratio that remains above 100 percent.

Board appointed for new Awqaf Investment company

The Maldives has formed the board for Maldives Awqaf Investment, a new state-owned enterprise led by Chairperson Izzuddin Adnan. The company will manage mosque construction, renovations, and waqf property development through Shari’ah-compliant activities. It holds an authorized capital of MVR 100 million to ensure project sustainability.

Government revenue exceeds MVR 30 billion

The Maldivian government’s revenue surpassed MVR 30 billion, marking a slight increase over last year despite a slowdown in tourism-related tax growth. While tax revenue rose to MVR 23.8 billion, non-tax revenue saw a decline. Economic experts link the stagnation to a cooling tourism sector, which may impact year-end budgetary targets.

TGST declines due to low tourist arrivals

Maldives' state revenue is declining as Tourism Goods and Services Tax collections fell by MVR 110.5 million due to a drop in visitor arrivals. Disruptions in Middle Eastern air travel have slowed tourism momentum since the second quarter. It is now unlikely the country will meet its annual target of 2.4 million tourists.

Newsletter

Get the latest news delivered straight to your inbox