The Maldives has repaid a Rs 475 crore treasury bill owed to India after the short-term debt instrument reached maturity, according to reports from Malé.
Treasury bills are short-term borrowing instruments used by governments to meet temporary funding needs. The Maldives had turned to such borrowing to manage its budget deficit.
In 2019, the then government led by President Ibrahim Mohamed Solih borrowed a total of Rs 1,425 crore from India. Due to insufficient funds, the Maldives had sought extensions from India over the years to repay the amount on time.
India had issued a treasury bill worth Rs 415 crore through the State Bank of India, the report said. With the instrument now maturing, the Maldives has cleared the dues in full.
The report also noted that the Maldives had repaid Rs 475 crore in January 2024. President Mohamed Muizzu said the deadline for the remaining Rs 475 crore ends in September and it would be paid to India soon.
