The Maldives has repaid USD 50 million of the debt owed to India today. This was announced by President Dr. Mohamed Muizzu during a press conference currently being held at the President's Office.

President Muizzu stated that while the previous administration had taken a USD 150 million loan from India, that government had been rolling over the debt on various occasions.

"This government settled USD 50 million on January 7, 2024," the President said.

The President explained that the remaining USD 100 million had been rolled over upon request to the Indian government, and of that amount, USD 50 million was repaid this morning.

He further noted that the final remaining USD 50 million would be fully repaid by September 17.

Additionally, the President stated that within the past 40 days, a total of USD 974 million has been settled from the debts incurred by the previous administration.