President Mohamed Muizzu has announced that the government has repaid USD 100 million from a USD 150 million loan obtained from India by the previous administration.
Speaking at a press conference on Monday, the President said the loan, originally secured in 2019 through three separate borrowings, had been rolled over multiple times before being inherited by the current government.
He confirmed that the first installment of USD 50 million was settled on January 7, while a second payment of USD 50 million due on May 11 has now also been completed. The remaining USD 50 million is scheduled for repayment on September 17, with the President assuring that the government will meet the deadline.
Providing a broader update on debt management efforts, Muizzu said the Maldives has repaid a total of USD 974 million over the past 40 days. This includes obligations related to sukuk, currency swaps, and other loans.
The President also addressed recent public commentary on the country’s financial situation, criticising what he described as inaccurate statements made by some former senior officials. He warned that such remarks could undermine public confidence and have negative implications for the economy.
The government has been undertaking a series of repayments in recent weeks as part of its strategy to manage external debt and maintain financial stability.
