Maldives repays $50m Indian bond
After SBI decided not to roll over the bond bought in January 2023 through the Indian government, finance ministry repaid the money last week.
Maldives has paid off a $50 million (MVR 771 million) treasury bond sold to the State Bank of India (SBI) last year, and announced the sale of the first tranche of t-bills by the new government.
After SBI decided not to roll over the bond bought in January 2023 through the Indian government, finance ministry repaid the money last week.
Finance minister Mohamed Shafeeq confirmed this to Atoll Times, but did not provide details.
$50 million bond paid to India:
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Bond sold - January 2023
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Interest on bond - at 4.5%
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Bond repayment - 11 months
Meanwhile, on Tuesday, the finance ministry announced the sale of MVR 4 billion in t-bills to cover government expenditure. The details of the t-bill announced for sale are:
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repayment in 28 days at 3.50% interest - MVR 2.3 billion
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repayment in 3 months at 3.87% interest - MVR 263.4 million
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repayment in 6 months at 4.23% interest - MVR 69 million
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repayment in a year at 4.60% interest - MVR 1.7 billion
The t-bills will be sold on Sunday.
Meanwhile, finance ministry has invited proposals to obtain $550 million (MVR 8.5 billion) in debt to cover state expenditure.
In a statement, the ministry said on Tuesday that it was seeking a financial agency to provide the funds to the government as a loan or in the form of treasury bill (T-bill) investments, as part of its plan to raise funds for this year's budget.
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