The Maldives has paid out US$50 million (MVR 771 million) to the State Bank of India (SBI) on a Treasury Bond issued during the previous administration.

SBI, upon maturity of the bond facilitated by the Indian government in January last year, chose forego a rollover. The bonds, with an 11-month maturity, were issued with 4.5 percent interest. Thus, the Ministry of Finance paid out last week, the Minister of Finance Mohamed Shafeeq confirmed.

The administration announced on Tuesday it would offer T-bills worth over MVR 4 billion for sale this Sunday, broken down as MVR 2.3 billion at 3.50 percent interest maturing in 28 days, MVR 263.4 million at 3.8 percent interest with a maturity of three months, MVR 69 million at 4.23 percent maturing in six months and MVR 1.7 billion at 4.60 percent interest with a maturity period of 12 months.

Additionally, the ministry on Tuesday issued a Request for Proposals (RFP) seeking institutional investors to secure up to US$550 million through loans and treasury securities in line with the agency’s 2024 Annual Borrowing Plan (ABP).