The government announced today that it has fully settled the remaining $50 million debt from Treasury bills (T-bills) sold to the State Bank of India (SBI) by the previous administration.
In a press release, the Finance Ministry confirmed that the $150 million obtained as budget support by the previous government has now been paid in full. The total amount was settled during the current administration's term.
According to the Ministry, the first payment was made in January 2024, followed by a second installment on May 11 of this year.
The debt, incurred in 2019 through the sale of T-bills to SBI, had been rolled over three times during the previous administration's tenure.
However, upon taking office, the current administration repaid an initial $50 million. Following that payment, the government requested the Indian government to roll over the remaining $100 million.
Statistics released by the Ministry indicate that the government has spent $2.3 billion on foreign debt servicing over the past two and a half years. This includes the $500 million Sukuk issued by the previous government and a $400 million currency swap facility obtained by the current administration from the Reserve Bank of India.
