Maldives to Fully Repay USD 150 Million Indian Loan by September

The Maldivian government has reaffirmed its commitment to settle the final USD 50 million installment of a USD 150 million loan from India, with the payment scheduled for September this year. Chief Government Spokesperson Mohamed Hussain Shareef announced the timeline during a weekly press briefing, emphasizing the administration's dedication to fulfilling financial obligations inherited from the previous government. The original USD 150 million sum was borrowed from India in three separate tranches during 2019 and subsequently rolled over, transferring the repayment responsibility to the current administration. President Dr. Mohamed Muizzu confirmed that the government has already retired USD 100 million of the total debt. The most recent payment of USD 50 million was processed on May 11, leaving a final balance of USD 50 million to be liquidated in September. This move will mark the complete settlement of this specific debt instrument. During the briefing, Hussain Shareef highlighted the progress made in managing external debts acquired from various foreign nations. He noted that operating with a clear sense of responsibility toward creditors is essential for improving the Maldives' standing with international lenders and demonstrating a commitment to prudent financial management. Addressing potential concerns regarding the impact on infrastructure, the spokesperson clarified that debt repayments will not compromise essential national growth. Hussain Shareef explicitly stated that no development projects currently underway will be halted or scaled back to meet these obligations. Instead, he explained that the administration's primary goal is to balance debt retirement with the strengthening of the nation's overall financial position and economic resilience.