The government has completely settled and repaid a USD 150 million loan taken through the State Bank of India (SBI) by the previous administration.

The loan was originally acquired in 2019 across three tranches of USD 50 million Treasury bills (T-bills) to support the state budget.

During a press conference held in May of this year, President Dr. Mohamed Muizzu announced that USD 100 million had already been paid off and expressed full confidence that the remaining USD 50 million would be settled on schedule. The deadline to clear the final USD 50 million portion fell today.

Speaking at an ongoing session of the PNC congress, PNC Chairperson and Speaker of the People's Majlis, Abdul Raheem Abdulla, officially announced that the loan has now been fully repaid and concluded.

Previously, Finance Minister Hassan Zareer stated that the government has spent a total of USD 1.3 billion on debt servicing to date.