President Dr Mohamed Muizzu has stated that the Government has repaid USD 100 million of a USD 150 million loan obtained by the previous administration from India.

Speaking at a press conference held on Monday, President Dr Muizzu shared updates on the Government’s ongoing debt repayment efforts. The President said the previous administration secured the USD 150 million loan from India in 2019 through three separate borrowings, which were later rolled over and inherited by the current Government.

He added that the first USD 50 million repayment was made on January 7, while the second USD 50 million payment due on May 11 has now also been settled. The remaining balance is scheduled to be repaid on September 17 this year, with the President assuring that the payment will be completed on time.

President Dr Muizzu further stated that the Maldives has repaid a total of USD 974 million in debt over the past 40 days, including sukuk obligations, swaps and loans.

He also criticised what he described as false and baseless statements made by certain former senior State officials, saying such remarks could damage public confidence and negatively affect the country’s economy.