India issues first installment of US$100 million loan to Maldives

The Indian government today handed a US$30 million (Rf462.6 million) loan to the Maldives Finance Minister Ahmed Inaz to settle Treasury Bills (T-Bill) sold to various parties.

The loan was presented by Indian High Commissioner to the Maldives DM Muley, in the form of a State Bank of India (SBI) cheque.

At the ceremony, Inaz noted that the loan was part of a US$100 million (Rf1.5 billion) loan that is being provided by the Indian government. The remaining US$70 million (Rf1 billion) will be provided in the near future, he said.

Altogether, the loan is expected to settle the T-Bills. Earlier this year, Parliament authorized the state to seek a maximum of Rf1.3 billion (US$8 million) from T-Bill sales.

To date, the government has allegedly acquired over Rf700 million from T-Bill sales this year. The government sold Rf750 million (US$45 million) in T-Bills today alone.


2 thoughts on “India issues first installment of US$100 million loan to Maldives”

  1. About famous maathoda
    Maathoda is one of the smallest among the ten inhabited islands in the largest atoll in the world- the Huvadhoo atoll. Maathoda is located between latitudes 0 Deg 12 min 0 sec N and longitudes 73 Deg 11 min 0 sec E. ...Distance from the nearest airport is 37.4 km. The population of the island is over 876.

    The island stretches for a length of 588m and has 314m in width. The dialect of the Dhivehi language spoken is "Huvadhoo bas". The island deserves prominence in Maldivian history due to a migrant from the royal family in Male,’ who settled and built a palace there, it also owns a rich set of folk stories and traditional architecture.

    Maathoda is close to the equatorial channel which has been widely used by explorers and traders traveling from Africa to China and Arabian Gulf to Malaya. The islanders themselves had huge ships that traveled directly to Sri Lanka. Historical evidence in the island proves that the island has been inhabited for thousands of years. Till-to-date there is some remains of the palace built by the prince who settled in the island. There is also a famous shrine of a person named Maathoda Manikufaan. Until very recently people used to offer food and white flags in his name and to the shrine on occasions of ‘nadhuru’. Another historically important and breathtakingly beautiful attraction is The Ati’ge where the former president Maumoon promised in 1978 to build a harbor in the island, which apparently took him nearly 25 years to fulfill. Only very less of the building now remains, which bore amazing designs and carvings of the verses of the Holy Qur’an. The marks at the old cemeteries also contain wonderful designs and carvings.

    Maathoda is also gifted with wonderful natural beauty. The island has very good vegetation and an even richer marine life. On the front (north) of the island, a beautiful lagoon of crystal clear water and white sand stretches for about the size of a modern stadium. The children sometimes play football on this beach when the sea water dries out completely during extreme low tide. Maathoda is also accompanied by some of the finest untouched heavenly beautiful islands which are uninhabited.

    Maathoda is an ideal place for exploring the Maldivian history, natural beauty, marine life, fishing, sailing, picnics and for a relaxed and peaceful holiday in an elegant tiny island.

  2. @Mohamed Jaiz
    thanks for the fact sheet. but what does that have to with india, tbill loans or issue at hand?

    about the t-bills:
    one can argue for the benefits of issuing t-bills, but here's the thing... we keep digging our own graves with the whole loans and t-bills brouhaha. isn't it time we just simply learned to live within our means? nufoaraa fothin foogalhan noolheyshey bunanee kamei vegen dho? does anyone of us realize that we are in a recession? with our currency being devalued over and over again, majority of us are calmly sitting down in cafe's busting money we can save up and wasting time! people wake up! we're in a recession and things are going to get tougher. we live a pretty cute bubble (i'm tempted to add in a collection of fantasy stuff like rainbows and butterflies), but what happens the day this damn bubble bursts? when all our idealistic lifestyles fade into the harsh realities of our country?? where do we go? india? china? aussie? smarten up people. they'll take care only as long as they get something. once that promise is over, we'll probably be back to the post ww2 scenario, snacking on magoo faiyy, while the government throws grandiose exhibitions in the name of progress!


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