STO borrows $50 million to import staple foods, medicines
The loan carries an interest rate of 13.13%.
State Trading Organisation (STO) has secured a $50 million (MVR 771 million) loan from a foreign entity to import staple food items, medicines, and other essential goods to the Maldives.
The finance ministry informed the finance committee of parliament about the loan during a committee meeting chaired by Eydhafushi MP Ahmed Saleem, the committee’s vice-chairman.
According to Saleem, the loan was taken by STO to ensure the import of critical items. Although details were limited due to the microphone being turned off during Saleem’s statement, members of the committee later confirmed the following:
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The loan was secured from a foreign entity.
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It is guaranteed by the government.
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The loan carries an interest rate of 13.13%.
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It is structured to be repaid over three years.
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