Maldives Repays $50 Million Treasury Bill to India

The Maldives has repaid a $50 million treasury bill to India, President Mohamed Muizzu announced on Monday. The repayment is aimed at reducing the country's external debt burden, with India having extended financial support to the Maldives through treasury bills subscribed by the State Bank of India.

The treasury bills were issued in 2019 to bridge budget shortfalls, and were rolled over annually at the request of the previous Maldivian government instead of being repaid upon maturity.

President Muizzu stated that his administration repaid one $50 million treasury bill in January 2024 and settled another on Monday, with another bill due in September.

The repayment is part of the Maldives' efforts to manage its debt, with India having provided emergency financial assistance to the island nation since 2019. The court or relevant authorities are yet to comment on the next steps, but President Muizzu's administration is expected to continue working on reducing the country's external debt burden.