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.