Maldives Completes Repayment of USD 150 Million Treasury Bills to India

The Maldives has repaid USD 150 million to India by settling the final tranche of USD 50 million in treasury bills subscribed by the State Bank of India (SBI), the Ministry of External Affairs said on Friday.

MEA spokesperson Randhir Jaiswal said the final tranche of the treasury bills was successfully settled on September 17, completing repayment of the USD 150 million subscribed by SBI with the Maldivian government.

The treasury bills were originally subscribed by SBI in 2019 and were subsequently extended on six occasions, each time for a period of one year, Jaiswal said during his regular media briefing.

While the Maldivian government paid the principal amount of the treasury bills, the Indian government bore the interest payments associated with the USD 150 million over the past five years.

According to Jaiswal, the total interest paid by India during the period was close to USD 45 million.

The spokesperson also highlighted other areas of India's financial support to the Maldives. India has extended a Rs 30 billion currency swap facility to help support the Maldivian financial system and strengthen its liquidity position.

In addition, the Indian government has subscribed to USD 350 million worth of treasury bonds issued by the Maldives. These bonds are valid until 2029 and 2030, Jaiswal said.

Beyond financial assistance, India continues to provide essential commodities to the Maldives as part of its broader development cooperation partnership.

"India and Maldives have a longstanding development partnership," Jaiswal said.

The repayment of the treasury bills comes amid continued financial and development cooperation between the two countries, with India supporting the Maldives through financial instruments, currency arrangements and supplies of essential commodities.

The settlement of the final tranche marks the completion of the USD 150 million treasury bill repayment by the Maldivian government to SBI.